Linamar Corp., boosted by gains across its business segments and an acquisition earlier this year, said it posted net earnings of $157.3 million Canadian in the second quarter -- a 31 percent increase from the year earlier period.
The Guelph, Ontario, supplier saw net sales increase 21 percent to $1.66 billion in the second quarter, the company said in a statement Wednesday.
Linamar makes various engine components including camshafts, connecting rods, cylinder heads and blocks as well as other parts such as fuel rails, transmission gears and clutch modules, among others.
Linamar’s powertain and driveline segment sales rose 26 percent in the second quarter to $1.06 billion.
Linamar said the acquisition of French supplier Montupet SA -- which makes cylinder head castings -- in the first quarter, new programs in North America and Europe, higher sales resulting from favorable changes in exchange rates and higher sales on mature programs in North America and Asia all contributed to the increase.
Sales in the industrial division grew to $222.8 million in the second quarter, a 2.1 percent increase from the year earlier period. Linamar credited the increase to a significant market share growth for telehandlers in North America but partially offset by a delay in spending of larger national customers seen in the quarter.
“2016 is shaping up to be another record year of double-digit top- and bottom-line growth,” CEO Linda Hasenfratz said in the statement. “We saw record results in the second quarter which is fantastic and we feel confident in our ability to continue to grow. Business wins are at a record level, markets are stable and opportunities globally significant.”
Linamar ranks No. 56 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $3.8 billion in 2015.