14.08.2009

Skyjack falls 62%

Skyjack, the Canadian based aerial lift manufacturer has reported first half revenues of $105 million for the first half of 2009, a fall of 62 percent on 2008, while last years operating profit of $33 million has turned into a loss of $10.9 million for the first half of 2009.

The second quarter saw revenues of $53.7 million compared to $151 million for the first half of 2008, a fall of just under 66 percent, while generating an operating loss of $10.4 million compared to an operating profit of $14.2 million in 2008.

Parent company Linamar, the automotive component supplier, posted group revenues of $803 million with a $61 million loss prior to exceptionals, compared to a profit last year of $61.5 million. However the ‘exceptionals’ included a $51 million write-back which reduced the company’s loss for the first half to $10.6 million. The company also generated a positive cash flow of $88.4 million which helped pay down its debt by £48 million.

Linamar’s chief executive Linda Hasenfratz said: "Despite the toll that excessive production shutdowns took on our sales and earnings this quarter, we are very pleased by the excellent level of cash generated, indicative of our ability to aggressively reallocate capital from existing lines to new programs and continue to grow despite low cash investment. We also had a fantastic quarter in terms of new business both takeover and longer term, lining us up for continued growth in the coming months and year"

Vertikal Comment

In percentage terms this is the least bad of the four big self propelled producers so far, with Genie reporting a 70 percent fall in first half revenues and JLG 65 percent – Haulotte report at the end of the month. Skyjack is of course the smallest of the four.

There is little more in these numbers to comment on that we have not already said. Skyjack has handled its difficulties better than most and is well placed to rebound and benefit from the upturn when it comes. It continues to expand its product range and could have a relatively good year in 2010- assuming we see the market begin to pick up and that its latest model introductions are ready to ship.