GUELPH, ON, July 17, 2020 /CNW/ - Linamar Corporation
(TSX: LNR) is providing an update to the information disclosed in
its Q1 2020 investor call, held on May 13th,
2020.
On that call, Linamar stated that the expected loss for Q2 2020,
given what was known at the time regarding the unique circumstances
of the global COVID-19 pandemic, would likely be higher than the
earnings reported for Q1 2020 for a negative first half.
Multiple factors in play throughout the second quarter have
resulted in the loss for Q2 at a level less than expected:
- NA automotive OEM's ramped back up faster than had been
expected to replenish low inventories
- Global crisis cost reduction initiatives yielded stronger and
quicker results than expected
- Utilization of support programs offered in global jurisdictions
where we operate not anticipated
"Although still clearly not a profit, the second quarter loss is
not as deep as originally expected," said Linamar CEO Linda Hasenfratz. "We are pleased with the
result but are not diverting our focus on cost and cash given
continued market uncertainties. We look forward to a more fulsome
discussion of our results at our upcoming Q2 Earnings Call on
August 6th".
Linamar Corporation (TSX:LNR) is an advanced manufacturing
company where the intersection of leading edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of 2
operating segments – the Industrial segment and the Transportation
segment, which are further divided into 5 operating groups –
Skyjack, Agriculture, Machining & Assembly, Light Metal Casting
and Forging, all world leaders in the design, development and
production of highly engineered products. The Company's Skyjack and
MacDon companies are noted for their innovative, high quality
mobile industrial and harvesting equipment, notably class-leading
aerial work platforms, telehandlers, draper headers and
self-propelled windrowers. The Company's Machining & Assembly,
Light Metal Casting and Forging operating groups focus on precision
metallic components, modules and systems for driveline, body and
powertrain systems designed for global electrified and
traditionally powered vehicle and industrial markets. Linamar has
27,000 employees in 61 manufacturing locations, 11 R&D centres
and 25 sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.4 billion in 2019. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
SOURCE Linamar Corporation