12.11.2010

Skyjack improvement continues

Skyjack’s owner Linamar has reported a strong improvement in the third quarter with positive numbers at Skyjack.

The group has not yet posted its full results for the quarter, but has released the headline numbers which show that the group as a whole increased its quarterly revenues by almost 33 percent to c$556.3. Net earnings were c$21 million compared to a loss of c$500,000 in the same quarter last year.

The industrial division, of which Skyjack is the major part saw revenues slip marginally to $40 million in the quarter due, says Linamar, to continuing declines at its agricultural fabrications business which is also part of the industrial division.

Linamar’s chief executive Linda Hasenfratz said: “We are thrilled with our triple digit year over year earnings improvements in the quarter thanks to stabilised markets and new launches. We are successfully continuing to focus on adding to our launch book as evidenced by double digit content per vehicle growth in each global region and rebuilding the organisation to execute on that launch.

Linamar chief financial officer Edward (Ted) Mahood, also announced his resignation at the same time. He has been in the position since January 2008 and is said to be leaving to pursue other opportunities.

Hasenfratz has assumed his responsibilities until a replacement is identified and says that the company will commence a search for a new chief financial officer immediately, considering both internal and external candidates.

“We value the significant contributions made by Ted in his time with us he is a respected executive and has been a valued member of our team and we wish him the very best in his future endeavours” said Hasenfratz,