- Excellent new business wins ("NBW") take launch book to nearly
$4.9 billion;
-
- 74% of year to date ("YTD") NBW with electrified vehicles
- Sales up 28.2% for Industrial due to strong agricultural and
access sales on stronger markets and market share growth;
- Sales up 25.0% for Mobility on stronger markets and cost
recoveries;
- Two acquisitions completed in the quarter;
- Strong content per vehicle1 growth in North America and Europe driven by a positive customer platform
mix and launches; and
- Liquidity1, measured as cash and cash equivalents
and available credit as at June 30,
2022, was $1.4 billion.
GUELPH,
ON, Aug. 10, 2022 /CNW/ - (TSX: LNR)
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
June 30
|
|
(in millions of
dollars, except per share figures)
|
2022
|
2021
|
|
2022
|
2021
|
|
$
|
$
|
|
$
|
$
|
|
Sales
|
1,981.6
|
1,575.3
|
|
3,759.7
|
3,357.1
|
|
Operating Earnings
(Loss)
|
|
|
|
|
|
|
Industrial
|
39.7
|
73.7
|
|
61.2
|
109.4
|
|
Mobility
|
104.1
|
80.0
|
|
216.7
|
265.5
|
|
Operating Earnings
(Loss)
|
143.8
|
153.7
|
|
277.9
|
374.9
|
|
Net Earnings
(Loss)
|
104.5
|
108.0
|
|
200.8
|
261.5
|
|
Net Earnings (Loss) per
Share – Diluted
|
1.61
|
1.65
|
|
3.08
|
3.99
|
|
Earnings before
interest, taxes and amortization ("EBITDA")1
|
256.5
|
261.2
|
|
495.2
|
594.0
|
|
Operating Earnings
(Loss) – Normalized1
|
|
|
|
|
|
|
Industrial
|
49.4
|
66.3
|
|
62.8
|
112.2
|
|
Mobility
|
99.8
|
85.9
|
|
193.0
|
261.4
|
|
Operating Earnings
(Loss) – Normalized
|
149.2
|
152.2
|
|
255.8
|
373.6
|
|
Net Earnings (Loss)
– Normalized1
|
109.3
|
106.9
|
|
180.2
|
265.2
|
|
Net Earnings (Loss)
per Share – Diluted – Normalized1
|
1.68
|
1.63
|
|
2.76
|
4.05
|
|
EBITDA –
Normalized1
|
262.9
|
259.2
|
|
473.7
|
600.6
|
Operating Highlights
Sales for the second quarter of 2022 ("Q2 2022") were
$1,981.6 million, up $406.3 million from $1,575.3 million in the second quarter of 2021
("Q2 2021").
The Industrial segment ("Industrial") product sales increased
28.2%, or $111.1 million, to
$504.6 million in Q2 2022 from Q2
2021. The sales increase was due to:
- an increase in agricultural sales from market growth further
improved by global market share growth in all core products;
- additional access equipment sales primarily due to increased
market volumes in North America
for all products amplified by North American market share growth in
booms and global market share growth in scissors;
- increased pricing to help partially relieve increased supply
chain costs; and
- increased sales related to the acquisition of the Salford Group
of Companies ("Salford").
Sales for the Mobility segment ("Mobility") increased by
$295.2 million, or 25.0% in Q2 2022
compared with Q2 2021. The sales in Q2 2022 were impacted by:
- a sales increase primarily attributed to an improvement in
adverse conditions associated with supply related issues
experienced by our customers compared to Q2 2021;
- increased pricing related to cost recovery partially offsetting
the associated raw material, utilities and freight increases;
- increased sales related to the acquisition of the remaining 50%
interest in the joint venture GF Linamar LLC ("GFL"); and
- additional sales for launching programs and increased volumes
for certain programs that the Company has significant business
with; partially offset by
- an unfavourable impact on sales from the changes in foreign
exchange rates from Q2 2021.
|
|
|
|
|
1
|
Operating Earnings
(Loss) – Normalized, Net Earnings (Loss) – Normalized, Net Earnings
(Loss) per Share – Diluted – Normalized, EBITDA, EBITDA –
Normalized,
Liquidity, and Free Cash Flow are non-GAAP financial measures.
Content per Vehicle is a Supplementary Financial Measure. Please
see "Non-GAAP and Other
Financial Measures" section of this press release.
|
The Company's normalized operating earnings for Q2 2022 was
$149.2 million. This compares to
normalized operating earnings of $152.2 million in Q2 2021, a decrease of
$3.0 million.
Industrial segment normalized operating earnings in Q2 2022
decreased $16.9 million, or 25.5%
from Q2 2021. The Industrial normalized operating earnings results
were predominantly driven by:
- the non-recurrence of a gain recognized in Q2 2021 for
receivables collected that had been previously provided for;
- an increase in material, labour, freight and utilities
costs;
- a reduction in the utilization of Government support programs
related to the global COVID-19 pandemic; and
- an unfavourable impact from the changes in foreign exchange
rates from Q2 2021; partially offset by
- an increase in agricultural sales; and
- an increase in access equipment sales.
Q2 2022 normalized operating earnings for Mobility were higher
by $13.9 million, or 16.2% compared
to Q2 2021. The Mobility segment's earnings were impacted by the
following:
- a sales increase primarily attributed to an improvement in
adverse conditions associated with supply related issues
experienced by our customers compared to Q2 2021; and
- additional sales for launching programs and increased volumes
for certain programs that the Company has significant business
with; partially offset by
- reduction in earnings related to the acquisition of GFL;
- a reduction in the utilization of Government support programs
related to the global COVID-19 pandemic; and
- increased costs related to raw material, utilities and freight
partially offset by customer cost recovered in sales.
"Q2 was a strong quarter thanks to markets improving in all of
our businesses, market share growing and some relief starting to
flow on customer pricing related to higher costs," said Linamar
Executive Chair and CEO Linda
Hasenfratz, "We continue to strongly execute on electrified
NBW's in our mobility business, 74% of wins YTD, and well over
double the dollar value of all of 2021 in just 2 quarters. We
are also executing on articulated strategies to grow our light
metal structural casting business and expand our agricultural
business into the nutrition space with our Mills River Foundry and
Salford acquisitions. We
have repurchased nearly 1.9 million shares under our NCIB,
1.3 million in Q2 alone and continue to execute on such.
We remain focused on generating high single digit EPS growth
this year."
Dividends
The Board of Directors today declared an eligible dividend in
respect to the quarter ended June 30,
2022 of CDN$0.20 per share on
the common shares of the company, payable on or after September 9, 2022 to shareholders of record on
August 23, 2022.
Non-GAAP And Other Financial Measures
The Company uses certain non-GAAP and other financial measures
to provide useful information to both management, investors and
other stakeholders in assessing the financial performance and
financial condition of the Company.
Certain expenses and income that must be recognized under GAAP
are not necessarily reflective of the Company's underlying
operational performance. For this reason, management uses certain
non-GAAP and other financial measures when analyzing operational
performance on a consistent basis.
These Non-GAAP and other financial measures do not have a
standardized meaning prescribed by GAAP and therefore they are
unlikely to be comparable to similarly titled measures presented by
other publicly traded companies, and they should not be construed
as an alternative to other financial measures determined in
accordance with GAAP.
Normalized Non-GAAP Financial Measures and Ratios
All Non-GAAP financial measures denoted with 'Normalized' as
presented by the Company are adjusted for foreign exchange gain
(loss), foreign exchange gain (loss) on debt and derivatives, and
other items.
Operating Earnings (Loss) – Normalized
Operating
Earnings (Loss) – Normalized is a non-GAAP financial measure and
the Company believes it is useful in assessing the Company's
underlying operational performance and in making decisions
regarding the ongoing operations of the business. Operating
Earnings (Loss) – Normalized is calculated as Operating Earnings
(Loss), the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for foreign
exchange gain (loss), and any other items, if applicable, that are
considered not to be indicative of underlying operational
performance.
Net Earnings (Loss) – Normalized
Net Earnings
(Loss) – Normalized is a non-GAAP financial measure and the Company
believes it is useful in assessing the Company's underlying
operational performance and in making decisions regarding the
ongoing operations of the business. Net Earnings (Loss) –
Normalized is calculated as Net Earnings (Loss), the most directly
comparable measure as presented in the Company's consolidated
statement of earnings, adjusted for foreign exchange gain (loss),
foreign exchange gain (loss) on debt and derivatives, and any other
items, if applicable, that are considered not to be indicative of
underlying operational performance.
Net Earnings (Loss) per Share – Diluted –
Normalized
Net Earnings (Loss) per Share – Diluted –
Normalized is a non-GAAP financial ratio and the Company believes
it is useful in assessing the Company's underlying operational
performance and in making decisions regarding the ongoing
operations of the business. Net Earnings (Loss) per Share – Diluted
– Normalized is calculated as Net Earnings (Loss) – Normalized (as
defined above) divided by the fully diluted number of shares
outstanding as at the period end date.
EBITDA and EBITDA – Normalized
EBITDA is a
non-GAAP financial measure and the Company believes it is useful in
assessing the Company's underlying operational performance of cash
flow and profitability, the effective use and allocation of
resources, and to provide more meaningful comparisons of operating
results. EBITDA is calculated as Net Earnings (Loss) before income
taxes, the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for
amortization of property, plant and equipment, amortization of
other intangible assets, finance costs, and other interest.
EBITDA – Normalized is a non-GAAP financial measure and the
Company believes EBITDA – Normalized is useful in assessing the
Company's underlying operational performance of cash flow and
profitability, the effective use and allocation of resources, and
to provide more meaningful comparisons of operating results. EBITDA
– Normalized is calculated as EBITDA (as defined above) adjusted
for foreign exchange gain (loss), foreign exchange gain (loss) on
debt and derivatives, non-cash asset impairments and any other
items, if applicable, that are considered not to be indicative of
underlying operational performance.
All these other items contained in these non-GAAP financial
measures are summarized as follows:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30
|
|
|
June 30
|
|
2022
|
2021
|
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
|
$
|
$
|
|
Gain on sale of unused
land
|
-
|
-
|
|
(22.1)
|
-
|
|
Other items impacting
Operating Earnings (loss) – Normalized and Net
Earnings (Loss) - Normalized
|
-
|
-
|
|
(22.1)
|
-
|
|
|
|
|
|
|
|
Gain on sale of unused
land
|
-
|
-
|
|
(22.1)
|
-
|
|
Other items
|
-
|
-
|
|
(22.1)
|
-
|
|
Asset impairment
provision, net of reversals
|
0.1
|
(0.5)
|
|
0.1
|
1.6
|
|
Other items and asset
impairments impacting EBITDA – Normalized
|
0.1
|
(0.5)
|
|
(22.0)
|
1.6
|
Normalizing items for asset impairment provisions adjusted
EBITDA and impacted the Mobility segment by $0.1 million for Q2 2022 and $0.1 million for YTD 2022 ($0.5 million gain for Q2 2021 and $1.6 million loss for YTD 2021).
During Q1 2022, a normalizing item related to a "gain on sale of
unused land" adjusted the Mobility segment by $22.1 million.
All normalized non-GAAP financial measures areas reconciled as
follows:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
June 30
|
|
(in millions of
dollars)
|
2022
|
|
2021
|
|
+/-
|
|
+/-
|
|
2022
|
|
2021
|
|
+/-
|
|
+/-
|
|
$
|
|
$
|
|
$
|
|
%
|
|
$
|
|
$
|
|
$
|
|
%
|
|
Operating Earnings
(Loss) – Normalized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
143.8
|
|
153.7
|
|
(9.9)
|
|
(6.4 %)
|
|
277.9
|
|
374.9
|
|
(97.0)
|
|
(25.9 %)
|
|
Foreign exchange (gain)
loss
|
5.4
|
|
(1.5)
|
|
6.9
|
|
|
|
-
|
|
(1.3)
|
|
1.3
|
|
|
|
Other items
|
-
|
|
-
|
|
-
|
|
|
|
(22.1)
|
|
-
|
|
(22.1)
|
|
|
|
Operating Earnings
(Loss) – Normalized
|
149.2
|
|
152.2
|
|
(3.0)
|
|
(2.0 %)
|
|
255.8
|
|
373.6
|
|
(117.8)
|
|
(31.5 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
– Normalized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss)
|
104.5
|
|
108.0
|
|
(3.5)
|
|
(3.2 %)
|
|
200.8
|
|
261.5
|
|
(60.7)
|
|
(23.2 %)
|
|
Foreign exchange (gain)
loss
|
5.4
|
|
(1.5)
|
|
6.9
|
|
|
|
-
|
|
(1.3)
|
|
1.3
|
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.9
|
|
-
|
|
0.9
|
|
|
|
0.5
|
|
6.3
|
|
(5.8)
|
|
|
|
Other items
|
-
|
|
-
|
|
-
|
|
|
|
(22.1)
|
|
-
|
|
(22.1)
|
|
|
|
Tax impact
|
(1.5)
|
|
0.4
|
|
(1.9)
|
|
|
|
1.0
|
|
(1.3)
|
|
2.3
|
|
|
|
Net Earnings (Loss) –
Normalized
|
109.3
|
|
106.9
|
|
2.4
|
|
2.2 %
|
|
180.2
|
|
265.2
|
|
(85.0)
|
|
(32.1 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
per Share – Diluted – Normalized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) per
Share – Diluted
|
1.61
|
|
1.65
|
|
(0.04)
|
|
(2.4 %)
|
|
3.08
|
|
3.99
|
|
(0.91)
|
|
(22.8 %)
|
|
Foreign exchange (gain)
loss
|
0.08
|
|
(0.02)
|
|
0.10
|
|
|
|
-
|
|
(0.02)
|
|
0.02
|
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.01
|
|
-
|
|
0.01
|
|
|
|
0.01
|
|
0.10
|
|
(0.09)
|
|
|
|
Other items
|
-
|
|
-
|
|
-
|
|
|
|
(0.34)
|
|
-
|
|
(0.34)
|
|
|
|
Tax impact
|
(0.02)
|
|
-
|
|
(0.02)
|
|
|
|
0.01
|
|
(0.02)
|
|
0.03
|
|
|
|
Net Earnings (Loss) per
Share – Diluted – Normalized
|
1.68
|
|
1.63
|
|
0.05
|
|
3.1 %
|
|
2.76
|
|
4.05
|
|
(1.29)
|
|
(31.9 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and EBITDA –
Normalized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
before income taxes
|
138.9
|
|
145.7
|
|
(6.8)
|
|
(4.7 %)
|
|
266.5
|
|
353.1
|
|
(86.6)
|
|
(24.5 %)
|
|
Amortization of
property, plant and equipment
|
97.2
|
|
97.9
|
|
(0.7)
|
|
|
|
189.5
|
|
205.1
|
|
(15.6)
|
|
|
|
Amortization of other
intangible assets
|
13.6
|
|
12.2
|
|
1.4
|
|
|
|
27.5
|
|
24.1
|
|
3.4
|
|
|
|
Finance
costs
|
5.0
|
|
4.7
|
|
0.3
|
|
|
|
8.9
|
|
10.1
|
|
(1.2)
|
|
|
|
Other
interest
|
1.8
|
|
0.7
|
|
1.1
|
|
|
|
2.8
|
|
1.6
|
|
1.2
|
|
|
|
EBITDA
|
256.5
|
|
261.2
|
|
(4.7)
|
|
(1.8 %)
|
|
495.2
|
|
594.0
|
|
(98.8)
|
|
(16.6 %)
|
|
Foreign exchange (gain)
loss
|
5.4
|
|
(1.5)
|
|
6.9
|
|
|
|
-
|
|
(1.3)
|
|
1.3
|
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.9
|
|
-
|
|
0.9
|
|
|
|
0.5
|
|
6.3
|
|
(5.8)
|
|
|
|
Asset impairment
provision, net of reversals
|
0.1
|
|
(0.5)
|
|
0.6
|
|
|
|
0.1
|
|
1.6
|
|
(1.5)
|
|
|
|
Other items
|
-
|
|
-
|
|
-
|
|
|
|
(22.1)
|
|
-
|
|
(22.1)
|
|
|
|
EBITDA –
Normalized
|
262.9
|
|
259.2
|
|
3.7
|
|
1.4 %
|
|
473.7
|
|
600.6
|
|
(126.9)
|
|
(21.1 %)
|
All normalized non-GAAP financial measures areas impacting
segments reconciled as follows:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
June 30
|
|
2022
|
|
2022
|
|
Industrial
|
Mobility
|
Linamar
|
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
39.7
|
104.1
|
143.8
|
|
61.2
|
216.7
|
277.9
|
|
Foreign exchange (gain)
loss
|
9.7
|
(4.3)
|
5.4
|
|
1.6
|
(1.6)
|
-
|
|
Other items
|
-
|
-
|
-
|
|
-
|
(22.1)
|
(22.1)
|
|
Operating Earnings
(Loss) – Normalized
|
49.4
|
99.8
|
149.2
|
|
62.8
|
193.0
|
255.8
|
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
|
|
|
|
|
|
|
EBITDA
|
52.9
|
203.6
|
256.5
|
|
87.2
|
408.0
|
495.2
|
|
Foreign exchange (gain)
loss
|
9.7
|
(4.3)
|
5.4
|
|
1.6
|
(1.6)
|
-
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.2
|
0.7
|
0.9
|
|
0.1
|
0.4
|
0.5
|
|
Asset impairment
provision, net of reversals
|
-
|
0.1
|
0.1
|
|
-
|
0.1
|
0.1
|
|
Other items
|
-
|
-
|
-
|
|
-
|
(22.1)
|
(22.1)
|
|
EBITDA –
Normalized
|
62.8
|
200.1
|
262.9
|
|
88.9
|
384.8
|
473.7
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
June 30
|
|
2021
|
|
2021
|
|
Industrial
|
Mobility
|
Linamar
|
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
73.7
|
80.0
|
153.7
|
|
109.4
|
265.5
|
374.9
|
|
Foreign exchange (gain)
loss
|
(7.4)
|
5.9
|
(1.5)
|
|
2.8
|
(4.1)
|
(1.3)
|
|
Other items
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
Operating Earnings
(Loss) – Normalized
|
66.3
|
85.9
|
152.2
|
|
112.2
|
261.4
|
373.6
|
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
|
|
|
|
|
|
|
EBITDA
|
88.0
|
173.2
|
261.2
|
|
137.8
|
456.2
|
594.0
|
|
Foreign exchange (gain)
loss
|
(7.4)
|
5.9
|
(1.5)
|
|
2.8
|
(4.1)
|
(1.3)
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
(0.1)
|
0.1
|
-
|
|
1.2
|
5.1
|
6.3
|
|
Asset impairment
provision, net of reversals
|
-
|
(0.5)
|
(0.5)
|
|
-
|
1.6
|
1.6
|
|
Other items
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
EBITDA –
Normalized
|
80.5
|
178.7
|
259.2
|
|
141.8
|
458.8
|
600.6
|
Other Non-GAAP Financial Measures
Free Cash Flow
Free Cash Flow is a
non-GAAP financial measure and the Company believes it is useful in
assessing the Company's ability to generate cash. Free Cash Flow is
calculated as Cash from Operating Activities, the most directly
comparable measure as presented in the Company's consolidated
statements of cash flows, adjusted for payments for purchase of
property, plant and equipment, and proceeds on disposal of
property, plant and equipment.
Liquidity
Liquidity is a non-GAAP
financial measure and the Company believes it is useful in
assessing the Company's ability to satisfy its financial
obligations as they come due. Liquidity is calculated as Cash, the
most directly comparable measure as presented in the Company's
consolidated statements of financial position, adjusted for the
Company's available credit.
All other non-GAAP financial measures are reconciled as
follows:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30
|
|
June 30
|
|
2022
|
2021
|
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
|
$
|
$
|
|
Free Cash
Flow
|
|
|
|
|
|
|
Cash generated from
(used in) operating activities
|
66.4
|
186.0
|
|
128.8
|
409.9
|
|
Payments for purchase
of property, plant and equipment
|
(84.9)
|
(50.8)
|
|
(172.8)
|
(110.3)
|
|
Proceeds on disposal of
property, plant and equipment
|
3.8
|
2.5
|
|
33.0
|
4.4
|
|
Free Cash
Flow
|
(14.7)
|
137.7
|
|
(11.0)
|
304.0
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
Cash
|
877.5
|
731.6
|
|
877.5
|
731.6
|
|
Available
credit
|
527.0
|
957.6
|
|
527.0
|
957.6
|
|
Liquidity
|
1,404.5
|
1,689.2
|
|
1,404.5
|
1,689.2
|
Supplementary Financial Measures
Content per Vehicle
Content per Vehicle
is a supplementary financial measure and is calculated within the
Mobility segment for the region indicated as automotive sales less
tooling sales divided by vehicle production units.
Summary of Content per Vehicle by Quarter
The
following table summarizes the updated CPV for the current year for
changes in volumes as revised by industry sources:
|
Estimates as of June
30, 2022
|
Three Months
Ended
|
Year to Date
|
|
|
|
Mar 31
|
|
Jun 30
|
|
|
Mar 31
|
|
Jun 30
|
|
North
America
|
|
|
2022
|
|
2022
|
|
|
2022
|
|
2022
|
|
Vehicle Production
Units
|
|
|
3.70
|
|
3.69
|
|
|
3.70
|
|
7.39
|
|
Automotive
Sales
|
|
|
$
761.6
|
|
$
870.6
|
|
|
$
761.6
|
|
$ 1,632.2
|
|
Content Per
Vehicle
|
|
|
$
205.83
|
|
$
235.70
|
|
|
$
205.83
|
|
$
220.76
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
3.90
|
|
3.94
|
|
|
3.90
|
|
7.84
|
|
Automotive
Sales
|
|
|
$
390.6
|
|
$
396.0
|
|
|
$
390.6
|
|
$
786.7
|
|
Content Per
Vehicle
|
|
|
$
100.14
|
|
$
100.47
|
|
|
$
100.14
|
|
$
100.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
11.31
|
|
10.02
|
|
|
11.31
|
|
21.34
|
|
Automotive
Sales
|
|
|
$
133.9
|
|
$ 97.7
|
|
|
$
133.9
|
|
$
231.6
|
|
Content Per
Vehicle
|
|
|
$
11.83
|
|
$ 9.75
|
|
|
$
11.83
|
|
$
10.85
|
|
Estimates as of March
21, 2022
|
Three Months Ended
|
|
Year to Date
|
|
|
|
Mar 31
|
|
|
|
Mar 31
|
|
North
America
|
|
|
2022
|
|
|
|
2022
|
|
Vehicle Production
Units
|
|
|
3.70
|
|
|
|
3.70
|
|
Automotive
Sales
|
|
|
$
761.6
|
|
|
|
$
761.6
|
|
Content Per
Vehicle
|
|
|
$
206.00
|
|
|
|
$
206.00
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
3.87
|
|
|
|
3.87
|
|
Automotive
Sales
|
|
|
$
390.6
|
|
|
|
$
390.6
|
|
Content Per
Vehicle
|
|
|
$
100.82
|
|
|
|
$
100.82
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
11.11
|
|
|
|
11.11
|
|
Automotive
Sales
|
|
|
$
133.9
|
|
|
|
$
133.9
|
|
Content Per
Vehicle
|
|
|
$
12.05
|
|
|
|
$
12.05
|
|
Change in Estimates
from Prior Quarter
|
Three Months
Ended
|
|
Year to Date
|
|
|
|
Mar 31
|
|
|
|
Mar 31
|
|
|
|
2022
|
|
|
|
2022
|
|
North
America
|
|
|
+/-
|
|
|
|
+/-
|
|
Vehicle Production
Units
|
|
|
-
|
|
|
|
-
|
|
Automotive
Sales
|
|
|
$
-
|
|
|
|
$
-
|
|
Content Per
Vehicle
|
|
|
$
(0.17)
|
|
|
|
$
(0.17)
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
0.03
|
|
|
|
0.03
|
|
Automotive
Sales
|
|
|
$
-
|
|
|
|
$
-
|
|
Content Per
Vehicle
|
|
|
$ (0.68)
|
|
|
|
$
(0.68)
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
|
0.20
|
|
|
|
0.20
|
|
Automotive
Sales
|
|
|
$
-
|
|
|
|
$
-
|
|
Content Per
Vehicle
|
|
|
$
(0.22)
|
|
|
|
$
(0.22)
|
Forward Looking Information, Risk and Uncertainties
Certain information provided by Linamar in this press release,
MD&A, the consolidated financial statements and other documents
published throughout the year which are not recitation of
historical facts may constitute forward-looking statements. The
words "may", "would", "could", "will", "likely", "estimate",
"believe", "expect", "plan", "forecast" and similar expressions are
intended to identify forward-looking statements. Readers are
cautioned that such statements are only predictions and the actual
events or results may differ materially. In evaluating such
forward-looking statements, readers should specifically consider
the various factors that could cause actual events or results to
differ materially from those indicated by such forward-looking
statements.
Such forward-looking information may involve important risks and
uncertainties that could materially alter results in the future
from those expressed or implied in any forward-looking statements
made by, or on behalf of, Linamar. Some of the factors and risks
and uncertainties that cause results to differ from current
expectations include, but are not limited to, changes in the
competitive environment in which Linamar operates, OEM outsourcing
and insourcing; sources and availability of raw materials; labour
markets and dependence on key personnel; dependence on certain
customers and product programs; technological change in the sectors
in which the Company operates and by Linamar's competitors; delays
in or operational issues with product launches; foreign currency
risk; long-term contracts that are not guaranteed; acquisition and
expansion risk; foreign business risk; public health threats;
cyclicality and seasonality; legal proceedings and insurance
coverage; credit risk; weather; emission standards; capital and
liquidity risk; tax laws; securities laws compliance and corporate
governance standards; fluctuations in interest rates; environmental
emissions and safety regulations; trade and labour disruptions;
world political events; pricing concessions to customers; and
governmental, environmental and regulatory policies.
The foregoing is not an exhaustive list of the factors that may
affect Linamar's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on Linamar's forward-looking statements. Linamar
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements.
Conference Call Information
Q2 2022 Release Information
Linamar will hold a
webcast call on August 10, 2022, at
5:00 p.m. ET to discuss its
second-quarter results. The event will be simulcast and can be
accessed at the following URL
linamar.com/event/q2-2022-earnings-call/ and can also be navigated
to on the company's website. For those who wish to listen to an
audio only call-in option, the numbers for this call are (+1) 888
886 7786 (North America) or (+1)
416 764 8658 (International) Conference ID 14490656, with a call-in
required 15 minutes prior to the start of the webcast. The
conference call will be chaired by Linda
Hasenfratz, Linamar's Chair and Chief Executive Officer. A
copy of the Company's quarterly financial statements, including the
Management's Discussion & Analysis, will be available on the
Company's website after 4:00 p.m. ET
on August 10, 2022, and at
www.sedar.com by the start of business on August 11, 2022. The webcast replay will be
available at linamar.com/event/q2-2022-earnings-call/ after the
call. A taped replay of the conference call will also be made
available starting at 8:00 p.m. ET on
August 10, 2022, for seven days. The
number for the replay is (+1) 877 674 7070 or (+1) 416 764
8692, Passcode: 490656 #. In addition, a recording of the call will
be posted at linamar.com/event/q2-2022-earnings-call/.
Q3 2022 Release Information
Linamar will
hold a webcast call on November 9,
2022, at 5:00 p.m. ET to
discuss its third quarter results. The event will be simulcast and
can be accessed at the following URL
linamar.com/event/q3-2022-earnings-call/ and can also be navigated
to on the Company's website. For those who wish to listen to an
audio only call-in option, the numbers for this call are (+1) 888
886-7786 (North America) or (+1)
416 764-8658 (International) Conference ID 21070291, with a call-in
required 15 minutes prior to the start of the webcast. The
conference call will be chaired by Linda
Hasenfratz, Linamar's Executive Chair and Chief Executive
Officer. A copy of the Company's quarterly financial statements,
including the Management's Discussion & Analysis, will be
available on the Company's website after 4:00 p.m. ET on November
9, 2022, and at www.sedar.com by the start of business on
November 10, 2022. The webcast replay
will be available at linamar.com/event/q3-2022-earnings-call/
after the call. A taped replay of the conference call will also be
made available starting at 8:00 p.m.
ET on November 9, 2022, for
seven days. The number for the replay is (+1) (877) 674-7070 or
(+1) (416) 764-8692, Passcode: 070291#. In addition, a recording of
the call will be posted at
linamar.com/event/q3-2022-earnings-call/.
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
two operating segments – the Industrial segment and the Mobility
segment, both global leaders in manufacturing solutions and
world-class developers of highly engineered products. The
Industrial segment is comprised of Skyjack, MacDon and Salford. Skyjack manufactures scissors, booms
and telehandler lifts for the aerial work platform industry. MacDon
manufactures combine draper headers and self-propelled windrowers
for the agricultural harvesting industry. Salford also supplies the agriculture market
with farm tillage and crop nutrition application equipment. The
Mobility segment is subdivided into three regional groups:
North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. In addition to the recently
formed eLIN Product Solutions Group that focuses on
Electrification, McLaren Engineering provides design, development,
and testing services for the Mobility segment. Linamar has 26,796
employees in 65 manufacturing locations, 14 R&D centres and 28
sales offices in 17 countries in North and South America, Europe and Asia, which generated sales of more than
$6.5 billion in 2021. For more
information about Linamar Corporation and its industry-leading
products and services, visit www.linamar.com or follow us on our
social media channels.
SOURCE Linamar Corporation