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Auto parts maker Linamar reports Q3 profit down, shares fall more than 10%
TORONTO – Shares of Linamar Corp. fell more than 10 per cent in early trading after reporting a drop in third-quarter earnings compared with a year ago, hurt by one-time costs.
Linamar shares were down $9.61 at $67.31 in late-morning trading on the Toronto Stock Exchange.
After the close of markets Tuesday, the auto parts maker said it earned $107.3 million or $1.62 per diluted share in its third quarter.
That compared with a profit of $122.2 million or $1.86 per share a year ago.
However, the company said that before non-recurring items and foreign exchange impacts its earnings increased 9.2 per cent.
Sales for the three months ended Sept. 30 grew to $1.55 billion, up from $1.46 billion in the same quarter last year.
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