TORONTO, March 5 Linamar Corp, Canada's
second-biggest auto parts maker, reported higher net earnings
for the fourth quarter on Wednesday, bolstered by stronger sales
in North America, Asia and Europe.
Net earnings attributable to shareholders rose to C$68.7
million, or C$1.06 per share, more than double the C$30.7
million, or 47 Canadian cents per share, the company earned
during the same period a year ago.
Adjusted net earnings were C$55 million, or 85 Canadian
cents a share. Revenue rose to C$926.1 million from C$756.5
million in 2012.
On average, analysts had expected earnings of 71 Canadian
cents a share and revenue of C$861.7 million according to
Thomson Reuters I/B/E/S.
"Financially, we saw double-digit sales growth, driven by
market share growth," Chief Executive Linda Hasenfratz said in a
statement of the performance in 2013.
Hasenfratz said earnings growth helped drive margins to
above-target levels and also boosted cash levels, which will
help the company pay down debt.
"At the same time, we registered record levels of new
business wins to solidify our growth over the next several
years," she added.
Sales for the company's powertrain/driveline segment rose
21.7 percent during the quarter, while product sales in its
industrial segment climbed 27.9 percent.
Shares of Linamar, which reported after markets closed,
ended at C$49.30 on the Toronto Stock Exchange on Wednesday,
just shy of a record hit on Tuesday of C$49.59.