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Linamar quarterly earnings jump 32%

Linamar Corp. (LNR-T) posted a market-beating quarterly profit on Wednesday and the auto parts maker forecast continued growth as the auto sector recovers and demand from Asia and the United States picks up.

"Sales, earnings, content per vehicle, global market presence and booked business launches are all growing, poising Linamar for continued successful growth in the coming years," Chief Executive Linda Hasenfratz said.

Linamar, Canada's second biggest car parts maker after Magna International Inc. (MG-T), reported a 32-percent rise in net income to $19.2 million for the three months to end-December.

Earnings adjusted for unusual items nearly doubled to $20.2 million from $10.7 million before.

Adjusted earnings amounted to 31 cents a share, up from 17 cents a share in the fourth quarter of 2009.

That was above analysts' average estimate for earnings of 26 cents a share, according to ThomsonReuters I/B/E/S.

Revenue rose to $593.7 million from $451.9 million, driven by increased demand in the United States and Asia. CTV Two CTV News CTV News Channel BNN - Business News Network CP24