Mar 7, 2024
Linamar shares up 12 per cent after company reports higher earnings, sales
The Canadian Press
Our earnings were up 40%; we've had an excellent year: Linamar CEO
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Shares in Linamar Corp. rose more than 11 per cent on Thursday after the company raised its dividend and reported its fourth-quarter profit and sales rose compared with a year ago.
Executive chair and CEO Linda Hasenfratz also says the company is looking forward to another year of double-digit growth in revenue and profits for 2024.
The Guelph, Ont.-based manufacturing company reported late Wednesday that it earned $104.4 million or $1.69 per diluted share in the fourth quarter of 2023, up from $92.2 million or $1.49 per diluted share a year earlier. Sales for the quarter rose to $2.5 billion from $2.1 billion.
On a normalized basis, the company says it earned $1.98 per diluted share in its latest quarter, up from a normalized profit of $1.61 per per diluted share a year earlier.
Linamar also announced Wednesday that it will now pay a quarterly dividend of 25 cents per share, up from 22 cents.
Shares in the company closed up $7.27 at $70.82 on the Toronto Stock Exchange.
This report by The Canadian Press was first published March 7, 2024.
