11.05.2012

Skyjack revenues double

The Industrial division of Linamar, a major part of which is Skyjack, saw its revenues rise by 113 percent as it bounced back into profit during the first quarter.

Industrial division revenues were $141.3 million, up 113.1 percent up on the same quarter last year, primarily due, said the company “to significant increases in demand in the access equipment markets resulting from fleet replacement initiatives.”

In the same period the division turned last year’s operating loss of $2 million into a profit this year of $6.5 million. The improvement was credited with the improved volumes at Skyjack, partially offset by start-up costs in other parts of the division.

Linamar as a whole posted revenues of $840 million – 24.4 percent up on last year, while net earnings were up over 54 percent to $39.6 million.

Chief executive Linda Hasenfratz said: “We are delighted with our first quarter results with new records hit on both sales and earnings. Earnings growth is outpacing sales growth driving better margins, the industrial segment is solidly back into profit and all of that is driving great improvements in ROCE and ROE. We are in a great position at the moment to enjoy a period of sustained strong performance even as we continue to
solidify longer term growth prospects.”

Vertikal Comment

While we do not have a clear view of Skyjack’s result it is clear that this was an exceptional quarter for the company. With its 12 and 16ft self-propelled mast lifts now in full production and its boom lifts beginning to gain a following, not to mention its potential to expand geographically, the future looks bright.