Canada's second-biggest auto parts company, Linamar Corp. reported Wednesday its profit rose slightly in the latest quarter on a more than 30-per-cent jump in revenue.
The Guelph, Ont.-based company said late Wednesday it earned a profit of $21.5-million or 33 cents a share in the third quarter. That’s up from $20.7-million or 32 cents last year.
Sales for the quarter ended Sept. 30 increased more than 30 per cent to $725.6-million from $556.3-million.
Adjusted earnings, which excluded one-time gains and losses, rose to $25.1-million from $17.4-million, a gain of 44 per cent.
“We are thrilled with our third-quarter results which are driving us towards a record year in 2011,” Linamar chief executive officer Linda Hasenfratz said after stock markets closed Wednesday.
“Sales and earnings are up substantially again in double digits despite slow growth in global vehicle markets, margins are expanding, content per vehicle is again growing in every global centre and we continue to see great opportunities in the vehicle marketplace as evidenced by our considerable launch book that just keeps growing.”
Linamar, which ranks second to Magna International Inc. among Canadian auto parts makers, manufactures highly engineered modules and systems for engines, transmissions and driveline systems in cars and trucks.
The company also makes components for other industrial customers, including the wind energy industry.
Meanwhile, its Skyjack division makes mobile industrial equipment such as aerial work platforms.
Linamar has more than 15,200 employees in 39 manufacturing plants and other centres around the world and generated sales of more than $2.2-billion last year.