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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. CTV Two CTV News CTV News Channel BNN - Business News Network CP24