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Mar 8, 2017

Linamar profit up, aided by Montupet acquisition

Auto parts engine cars Linamar

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Canadian auto parts maker Linamar Corp (LNR.TO) reported a 21.8 per cent increase in quarterly profit, helped in part by the acquisition of France's Montupet S.A last year.

Linamar Corp bought Montupet in 2016 for 771 million euros (US$915 million) to boost its exposure to manufacturers like Volkswagen AG and Peugeot SA.

The deal gave Linamar access to Montupet's complex aluminum castings technology.

The company's net earnings rose to $116.1 million, or $1.76 per share, in the fourth quarter ended Dec. 31, from $95.3 million, or $1.45 per share, a year earlier.

Analysts on average had expected earnings of $1.66 per share, according to Thomson Reuters I/B/E/S.

The company also raised its dividend for the fourth quarter to 12 cents per share, from 10 cents.

Sales rose 10.6 per cent to $1.37 billion in the quarter, missing estimates of $1.41 billion.