08.11.2007

Skyjack up 32%

Skyjack the Canadian based aerial lift producer, a division of automotive component producer Linamar, has reported revenues up almost 32 percent to c$417.5 million ($455/£216 million) for the first nine months of 2007.

Operating income from the industrial division, which is largely Skyjack, leapt by almost 65 percent to c$59 million ($64/£30.6 million) over the same period compared to 2006.

Linamar as a group achieved nine month revenues of c$1.78 billion ($1.95/£0.95 billion) a four percent increase on the same period in 2006. Net earnings increased by 15 percent to just under c$84 million ($91.5/£43.5 million).

During the period Skyjack made two acquisitions, the first being N-C Lifteknik in Sweden on August 16th for c$600,000 ($654/£311,000) in cash over two years plus the assumption of c$900,000 ($982/466,000) of debt.

The second was that of Canadian telehandler producer Carelift on August 22nd for a total cost of c$32.9 million ($35.9/£17 million) Comprising c$23.3 million ($25.4/£12 million) in cash and c$9.6 million ($10.5/£5 million) in assumed debt.

The impact from these two was limited to five and six weeks respectively.

Vertikal Comment

Another excellent set of numbers from Skyjack which is really performing well as a diversification business for Linamar.

The company looks set to exceed c$567 million ($600 million) for the full year and is hot on the tail of number three manufacturer Haulotte.

In fact, given that Haulotte’s non rental sales were around €400 million for the first nine months of 2007, while Skyjack’s were €310 million.

And given that Skyjacks sales consisted largely of small to medium scissor lifts while Haulotte’s sales included a large number of more expensive boom lifts, it is entirely feasible that Skyjack shipped more units in the first nine months of the year than Haulotte did?

Certainly Skyjack as moved a good deal closer to the the top of the market.