Skyjack reports outstanding 2013
By Euan Youdale11 March 2014
Linamar group’s industrial segment, made up largely by Skyjack, showed significant rises in its 2013 financial year.
Operating earnings were up 129.1% to US$52 million in the year, compared to 2012, based on a sales increase of 16.8%.
In the fourth quarter product sales increased 27.9% or $24.8 million to $113.6 million, compared to the same period in 2012. Fourth quarter operating earnings increased by an impressive $4.9 million, or 1633.3%, over the 2012 fourth quarter.
The company put its improved sales figures down to increases in demand in the access equipment markets in North America and Europe; increased market share, particularly in boom products, at Skyjack; and higher sales from emerging global markets such as Brazil.
Operating earnings was predominantly driven by market share growth and increased demand in the access equipment market, as well as productivity and efficiency improvements driven by higher volumes on new products and cost savings initiatives on mature products.
Across the group, sales increase 11.6% in the year to reach $3.6 billion, while operating earnings were up 46.5% over 2012 to $320.1 million.
“We are thrilled to register another fantastic quarter to close out a record year in sales and earnings for Linamar,” said Linda Hasenfratz, Linamar CEO. “Financially we saw double digit sales growth, driven by market share growth in both our vehicle and access markets, eclipsed by excellent earnings growth to drive margins to above target levels, all of which drove massive cash generation to allow us to dramatically reduce debt levels.
“At the same time we registered record levels of new business wins to solidify our growth over the next several years. We have an excellent team that is firing on all cylinders right now, we feel great about where we are and where we are headed at Linamar.”
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