Teal Linde's Top Picks
Linamar Corp. says it swung to a profit in the second quarter as the diversified manufacturer saw key sectors recover from the impacts of COVID-19.
The Guelph, Ont.-based company says it had net earnings of $108 million or $1.65 per diluted share for the quarter ending June 30, compared with a loss of $37.9 million or 58 cents per share last year.
Adjusted net income was $106.9 million, or $1.63 per diluted share, compared with a loss of $22 million or 34 cents per share last year.
Linamar, which manufactures equipment for the automotive, construction and agricultural sectors, says it had revenue of $1.57 billion, up from $923.6 million in the same quarter last year.
Analysts had on average expected adjusted earnings of $93 million, or $1.42 per share, on revenue of $1.61 billion, according to financial data firm Refinitiv.
Linamar chief executive Linda Hasenfratz says there are challenges from supply chain shortages, but that market demand is strong and the company is confident it will remain elevated.