05.11.2014

Another strong quarter for Skyjack

Skyjack has more than tripled third quarter profits from a 32 percent increase in revenues.

The company, which makes up most of the Industrial division of Linamar, reported nine month revenues of $569.1 million, over 27 percent up on the same period last year, while operating profits doubled to $95.7 million.

Looking at the third quarter, revenues were up 32 percent to $168.4 million, thanks to increased sales in North America and Europe, including solid market share gains in the European scissor lift and North American boom markets. Operating profit more than tripled to $27.4 million, thanks to the higher volumes, coupled with the efficiency improvements and some cost savings on its more established scissor products.

Linamar as a whole reported nine month revenues of $3.17 billion, over 18 percent higher than this time last year, while net earnings increased almost 55 percent to $249 million.

Linamar chief executive Linda Hasenfratz said: “We are very pleased to report another outstanding quarter of double digit top and bottom line growth and margin expansion. We have had an exceptional quarter on several fronts, financially of course, but also in terms of excellent new business wins to drive continued substantial growth over the next five years and execution on our strategic goals of vertically integrating into the forging field. We are delivering terrific results today and positioning for continued excellent performance in the long term.”

Vertikal Comment

Another solid quarter from Skyjack, which has firmly moved up into the number three spot in terms of global aerial lift manufacturers. And yet it has done so without having penetrated all potential markets geographically or product wise.
This leaves it with plenty of scope to carry on growing at a faster pace than many of its competitors as it adds distribution in more countries, makes progress in markets where it is currently weak and increases the market penetration for its new products, such as booms and its 12/16ft mast type lifts.

The company is currently ‘cooking on gas’.