Linamar profit tops forecasts

Linamar Corp. (LNR-T) reported a 6.4-percent rise in quarterly profit Wednesday as the auto parts maker benefited from the ongoing rebound in global vehicle production and was able to get a higher percentage of its parts into its customers' vehicles.
   
Linamar, Canada's second biggest car parts maker after Magna International Inc, reported net income of $24.9 million, or 38 cents a share for the three months ended March 31. That compares with $23.4 million or 36 cents, in the first quarter of 2010.
   
That topped the average analyst estimate of 32 cents a share, according to ThomsonReuters I/B/E/S.
   
Sales were up 32.2 percent at $675.2 million
   
Linamar said its content per vehicle was up 7 percent in North America to $129.22, ahead 46.4 percent in Europe to $9.90, and up 30.2 percent in the Asia Pacific region, to $2.93.
   
Vehicle production in North America was up 13.5 percent from the year-earlier quarter, and up 7.1 percent Europe. Auto production slid 0.8 percent in Asia Pacific, where the massive earthquake in Japan temporarily affected production levels.