Skyjack reach for sky!
Skyjack parent Linamar has published its third quarter results which shows another very strong quarter for the aerial lift and telehandler manufacturer.
In the nine months to the end of September, the Industrial division of Linamar, which is mostly Skyjack, posted a 25 percent increase in revenues to $709.7 million. At the same time operating profits jumped 42 percent to $135.9 million.
Moving on the third quarter, revenues were $210.2 million, almost 25 percent higher than in the same quarter last year due to currency factors and the fact that the company managed to increase its share of boom lifts in Europe and the USA and grab a larger share of the North American telehandler market. Operating profits improved almost 35 percent to $36.9 million, due to a number of factors, including currency exchange benefits and better margins from sales of larger models- partially offset by a less favourable product /customer mix and higher sales/management costs.
Linamar chief executive Linda Hasenfratz said: “We are very pleased with another excellent quarter of double digit growth. Financially we again saw strong, industry leading top and bottom line growth, setting us up for another record year. Strategically, we made a big move this quarter with our announcement regarding our intent to bid for the shares of Montupet, an important part of our light metal casting strategy, designed to significantly enhance our cylinder head market share and set us up for excellent growth in the engine segment. We are excited by what our team is achieving and what the future holds.”