November 12, 2024, Guelph, Ontario, Canada (TSX: LNR)
Strong financial performance
- Sales up 8.3% to $2.64 billion in Q3 2024;
- Normalized Operating Earnings 1 up 14.1% in Q3 2024; and
- Normalized Diluted Earnings per Share 1 up 6.3% in Q3 2024.
Excellent Free Cash Flow
- $269.6 million of Free Cash Flow1 generated in Q3 2024, up $393.5 million from prior year on stronger earnings and careful cash management.
Sales Growth in Both Segments on Strong Market Share Growth
- Sales up 24.3% for Industrial for the quarter, due to:
- Significant global market share growth in combine drapers despite market declines; and
- Sales related to our most recent acquisition of Bourgault Industries Ltd.
- Sales up 2.1% for Mobility in the quarter despite market declines, driven by:
- Linamar Structures acquisitions completed in 2023;
- Launching programs; and
- Content per vehicle 1 (“CPV”) up 17% in North America reflective of continued market share growth.
Mobility Segment Double Digit Growth Continues
- Mobility segment normalized operating earnings of $88.4 million, up 12.6% compared to Q3 2023; and
- Normalized margins of 4.9% up from 4.5% in prior year.
Industrial Segment Strong Performance Driving Mainly from Agriculture Business
- Industrial normalized operating earnings of $140.2 million are up 15% over Q3 2023.
Returning Cash to Shareholders
- Linamar has also received approval from the Toronto Stock Exchange (“TSX”) to commence a normal course issuer bid, described further below, under which it is authorized to purchase up to 4,021,282 shares over the next 12 months; and
- Linamar is maintaining its dividend to shareholders at quarterly $0.25 per share.
