Linamar shares up more than 11 per cent after company reports higher earnings, sales
GUELPH, Ont. – Shares in Linamar Corp. rose more than 11 per cent on Thursday after the company raised its dividend and reported its fourth-quarter profit and sales rose compared with a year ago.
Executive chair and CEO Linda Hasenfratz also says the company is looking forward to another year of double-digit growth in revenue and profits for 2024.
The Guelph, Ont.-based manufacturing company reported late Wednesday that it earned $104.4 million or $1.69 per diluted share in the fourth quarter of 2023, up from $92.2 million or $1.49 per diluted share a year earlier. Sales for the quarter rose to $2.5 billion from $2.1 billion.
On a normalized basis, the company says it earned $1.98 per diluted share in its latest quarter, up from a normalized profit of $1.61 per per diluted share a year earlier.
Linamar also announced Wednesday that it will now pay a quarterly dividend of 25 cents per share, up from 22 cents.
Shares in the company closed up $7.27 at $70.82 on the Toronto Stock Exchange.
This report by The Canadian Press was first published March 7, 2024.
Companies in this story: (TSX:LNR)
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
