GUELPH,
ON, Nov. 9, 2022 /CNW/ - (TSX: LNR)
- Excellent new business wins ("NBW") take launch book to more
than $5.0 billion;
- 71% of year to date ("YTD") NBW with electrified vehicles;
- Sales up 27.5% and Net Earnings per Share – Diluted -
Normalized up 19.4%;
- Sales up 22.9% for Industrial due to the sales from acquisition
of the Salford Group of Companies ("Salford"), strong agricultural
sales on stronger markets and global market share growth and
increased access equipment sales;
- Sales up 29.2% for Mobility on stronger markets, cost
recoveries and launching programs;
- Record levels of content per vehicle1 achieved in
North America and Europe driven by a positive customer platform
mix and launches;
- An additional 1.8 million shares repurchased in the quarter for
a total of 3.5 million YTD; and
- Liquidity1, measured as cash and cash equivalents
and available credit as at September 30,
2022, was $1.3 billion.
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30
|
September 30
|
|
(in millions of
dollars, except per share figures)
|
2022
|
2021
|
2022
|
2021
|
|
$
|
$
|
$
|
$
|
|
Sales
|
2,098.1
|
1,645.0
|
5,857.9
|
5,002.1
|
|
Operating Earnings
(Loss)
|
|
|
|
|
|
Industrial
|
84.7
|
70.0
|
145.9
|
179.4
|
|
Mobility
|
100.7
|
86.2
|
317.4
|
351.7
|
|
Operating Earnings
(Loss)
|
185.4
|
156.2
|
463.3
|
531.1
|
|
Net Earnings
(Loss)
|
133.2
|
108.8
|
334.0
|
370.3
|
|
Net Earnings (Loss) per
Share – Diluted
|
2.10
|
1.66
|
5.17
|
5.65
|
|
Earnings before
interest, taxes and amortization ("EBITDA")1
|
298.8
|
260.6
|
794.0
|
854.6
|
|
Operating Earnings
(Loss) – Normalized1
|
|
|
|
|
|
Industrial
|
74.3
|
72.9
|
137.0
|
185.1
|
|
Mobility
|
94.1
|
77.8
|
287.2
|
339.2
|
|
Operating Earnings
(Loss) – Normalized
|
168.4
|
150.7
|
424.2
|
524.3
|
|
Net Earnings (Loss)
– Normalized1
|
121.0
|
104.8
|
301.2
|
370.0
|
|
Net Earnings (Loss)
per Share – Diluted – Normalized1
|
1.91
|
1.60
|
4.66
|
5.64
|
|
EBITDA –
Normalized1
|
282.5
|
255.2
|
756.2
|
855.8
|
Operating Highlights
Sales for the third quarter of 2022 ("Q3 2022") were
$2,098.1 million, up $453.1 million from $1,645.0 million in the third quarter of 2021
("Q3 2021").
The Industrial segment ("Industrial") product sales increased
22.9%, or $99.5 million, to
$533.4 million in Q3 2022 from Q3
2021. The sales increase was due to:
- increased sales related to the acquisition of Salford;
- increased pricing to help partially relieve increased supply
chain costs;
- an increase in agricultural sales from market growth further
improved by global market share growth in all core products;
and
- additional access equipment sales.
Sales for the Mobility segment ("Mobility") increased by
$353.6 million, or 29.2% in Q3 2022
compared with Q3 2021. The sales in Q3 2022 were impacted by:
- a sales increase primarily attributed to an improvement in
adverse conditions associated with supply related issues
experienced by our customers compared to Q3 2021;
- increased pricing related to cost recovery partially offsetting
the associated raw material, utilities and freight increases;
- additional sales for launching programs and increased volumes
for certain programs that the Company has significant business
with; and
- increased sales related to the acquisition of the remaining 50%
interest in the joint venture of GF Linamar LLC now known as LLM
Mills River; partially offset by
- an unfavourable impact on sales from the changes in foreign
exchange rates from Q3 2021.
|
_____________________________
|
|
1
Operating Earnings (Loss) – Normalized, Net Earnings
(Loss) – Normalized, Net Earnings (Loss) per Share – Diluted –
Normalized, EBITDA, EBITDA – Normalized, Liquidity, and Free Cash
Flow are non-GAAP financial measures. Content per Vehicle is a
Supplementary Financial Measure. Please see "Non-GAAP and Other
Financial Measures" section of this press release.
|
The Company's normalized operating earnings for Q3 2022 was
$168.4 million. This compares to
normalized operating earnings of $150.7 million in Q3 2021, an increase of
$17.7 million.
Industrial segment normalized operating earnings in Q3 2022
increased $1.4 million, or 1.9% from
Q3 2021. The Industrial normalized operating earnings results were
predominantly driven by:
- an increase in agricultural sales;
- increased sales related to the acquisition of Salford;
- an increase in access equipment sales; partially offset by
- increased costs related to raw material, freight and utilities
offset by customer cost recovered in sales;
- a reduction in the utilization of Government support programs
related to the global COVID-19 pandemic; and
- additional expenses from Skyjack's manufacturing expansion into
China and Mexico.
Q3 2022 normalized operating earnings for Mobility were higher
by $16.3 million, or 21.0% compared
to Q3 2021. The Mobility segment's earnings were impacted by the
following:
- a sales increase primarily attributed to an improvement in
adverse conditions associated with supply related issues
experienced by our customers compared to Q3 2021;
- additional sales for launching programs and increased volumes
for certain programs that the Company has significant business
with; and
- a favourable impact from the changes in foreign exchange rates
from Q3 2021; partially offset by
- a reduction in the utilization of Government support programs
related to the global COVID-19 pandemic;
- reduction in earnings related to the acquisition of LLM Mills
River;
- an increase in management, sales costs and travel expenses
supporting growth; and
- increased costs related to raw material, utilities and freight
partially offset by customer cost recovered in sales.
"It feels great to see a quarter of double digit top and bottom
line growth in Q3," said Linamar Executive Chair and CEO
Linda Hasenfratz, "Our team is doing
an excellent job of navigating some very tough conditions on the
cost side and working closely with customers to manage the best
outcomes for both parties. At the same time we are hitting it out
of the park on new business wins, notably with electrified vehicles
which are representing 71% of wins YTD and more than triple the
dollar value of wins for all of last year. We also are back
to seeing free cash flow as of Q3 and expect to see that trend
continue through the end of the year. We are growing, winning
new business and keeping our cash flow and balance sheet strong in
a very tough environment, I am really proud of our team here at
Linamar for achieving all of that."
Dividends
The Board of Directors today declared an eligible dividend in
respect to the quarter ended September 30,
2022 of CDN$0.20 per share on
the common shares of the company, payable on or after December 2, 2022 to shareholders of record on
November 22, 2022.
Non-GAAP And Other Financial Measures
The Company uses certain non-GAAP and other financial measures
to provide useful information to both management, investors and
other stakeholders in assessing the financial performance and
financial condition of the Company.
Certain expenses and income that must be recognized under GAAP
are not necessarily reflective of the Company's underlying
operational performance. For this reason, management uses certain
non-GAAP and other financial measures when analyzing operational
performance on a consistent basis.
These Non-GAAP and other financial measures do not have a
standardized meaning prescribed by GAAP and therefore they are
unlikely to be comparable to similarly titled measures presented by
other publicly traded companies, and they should not be construed
as an alternative to other financial measures determined in
accordance with GAAP.
Normalized Non-GAAP Financial Measures and Ratios
All Non-GAAP financial measures denoted with 'Normalized' as
presented by the Company are adjusted for foreign exchange gain
(loss), foreign exchange gain (loss) on debt and derivatives, and
other items.
Operating Earnings (Loss) – Normalized
Operating
Earnings (Loss) – Normalized is a non-GAAP financial measure and
the Company believes it is useful in assessing the Company's
underlying operational performance and in making decisions
regarding the ongoing operations of the business. Operating
Earnings (Loss) – Normalized is calculated as Operating Earnings
(Loss), the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for foreign
exchange gain (loss), and any other items, if applicable, that are
considered not to be indicative of underlying operational
performance.
Net Earnings (Loss) – Normalized
Net Earnings (Loss) –
Normalized is a non-GAAP financial measure and the Company believes
it is useful in assessing the Company's underlying operational
performance and in making decisions regarding the ongoing
operations of the business. Net Earnings (Loss) – Normalized is
calculated as Net Earnings (Loss), the most directly comparable
measure as presented in the Company's consolidated statement of
earnings, adjusted for foreign exchange gain (loss), foreign
exchange gain (loss) on debt and derivatives, and any other items,
if applicable, that are considered not to be indicative of
underlying operational performance.
Net Earnings (Loss) per Share – Diluted –
Normalized
Net Earnings (Loss) per Share – Diluted –
Normalized is a non-GAAP financial ratio and the Company believes
it is useful in assessing the Company's underlying operational
performance and in making decisions regarding the ongoing
operations of the business. Net Earnings (Loss) per Share – Diluted
– Normalized is calculated as Net Earnings (Loss) – Normalized (as
defined above) divided by the fully diluted number of shares
outstanding as at the period end date.
EBITDA and EBITDA – Normalized
EBITDA is a non-GAAP
financial measure and the Company believes it is useful in
assessing the Company's underlying operational performance of cash
flow and profitability, the effective use and allocation of
resources, and to provide more meaningful comparisons of operating
results. EBITDA is calculated as Net Earnings (Loss) before income
taxes, the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for
amortization of property, plant and equipment, amortization of
other intangible assets, finance costs, and other interest.
EBITDA – Normalized is a non-GAAP financial measure and the
Company believes EBITDA – Normalized is useful in assessing the
Company's underlying operational performance of cash flow and
profitability, the effective use and allocation of resources, and
to provide more meaningful comparisons of operating results. EBITDA
– Normalized is calculated as EBITDA (as defined above) adjusted
for foreign exchange gain (loss), foreign exchange gain (loss) on
debt and derivatives, non-cash asset impairments and any other
items, if applicable, that are considered not to be indicative of
underlying operational performance.
All these other items contained in these non-GAAP financial
measures are summarized as follows:
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
September 30
|
|
September 30
|
|
2022
|
2021
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
|
Gain on sale of unused
land
|
-
|
-
|
(22.1)
|
-
|
|
Other items impacting
Operating Earnings (loss) – Normalized and Net Earnings (Loss) -
Normalized
|
-
|
-
|
(22.1)
|
-
|
|
|
|
|
|
|
Gain on sale of unused
land
|
-
|
-
|
(22.1)
|
-
|
|
Other items
|
-
|
-
|
(22.1)
|
-
|
|
Asset impairment
provision, net of reversals
|
-
|
0.1
|
0.1
|
1.7
|
|
Other items and asset
impairments impacting EBITDA – Normalized
|
-
|
0.1
|
(22.0)
|
1.7
|
Normalizing items for asset impairment provisions adjusted EBITDA
and impacted the Mobility segment by $0.1
million for YTD 2022 ($0.1 million loss for Q3 2021 and
$1.7 million loss for YTD 2021).
During Q1 2022, a normalizing item related to a "gain on sale of
unused land" adjusted the Mobility segment by $22.1 million.
All normalized non-GAAP financial measures areas reconciled as
follows:
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30
|
September 30
|
|
(in millions of
dollars)
|
2022
|
2021
|
+/-
|
+/-
|
2022
|
2021
|
+/-
|
+/-
|
|
$
|
$
|
$
|
%
|
$
|
$
|
$
|
%
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
185.4
|
156.2
|
29.2
|
18.7 %
|
463.3
|
531.1
|
(67.8)
|
(12.8 %)
|
|
Foreign exchange (gain)
loss
|
(17.0)
|
(5.5)
|
(11.5)
|
|
(17.0)
|
(6.8)
|
(10.2)
|
|
|
Other items
|
-
|
-
|
-
|
|
(22.1)
|
-
|
(22.1)
|
|
|
Operating Earnings
(Loss) – Normalized
|
168.4
|
150.7
|
17.7
|
11.7 %
|
424.2
|
524.3
|
(100.1)
|
(19.1 %)
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
– Normalized
|
|
Net Earnings
(Loss)
|
133.2
|
108.8
|
24.4
|
22.4 %
|
334.0
|
370.3
|
(36.3)
|
(9.8 %)
|
|
Foreign exchange (gain)
loss
|
(17.0)
|
(5.5)
|
(11.5)
|
|
(17.0)
|
(6.8)
|
(10.2)
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.7
|
-
|
0.7
|
|
1.2
|
6.3
|
(5.1)
|
|
|
Other items
|
-
|
-
|
-
|
|
(22.1)
|
-
|
(22.1)
|
|
|
Tax impact
|
4.1
|
1.5
|
2.6
|
|
5.1
|
0.2
|
4.9
|
|
|
Net Earnings (Loss) –
Normalized
|
121.0
|
104.8
|
16.2
|
15.5 %
|
301.2
|
370.0
|
(68.8)
|
(18.6 %)
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss) per Share – Diluted – Normalized
|
|
Net Earnings (Loss) per
Share – Diluted
|
2.10
|
1.66
|
0.44
|
26.5 %
|
5.17
|
5.65
|
(0.48)
|
(8.5 %)
|
|
Foreign exchange (gain)
loss
|
(0.27)
|
(0.08)
|
(0.19)
|
|
(0.27)
|
(0.10)
|
(0.17)
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.01
|
-
|
0.01
|
|
0.02
|
0.09
|
(0.07)
|
|
|
Other items
|
-
|
-
|
-
|
|
(0.34)
|
-
|
(0.34)
|
|
|
Tax impact
|
0.07
|
0.02
|
0.05
|
|
0.08
|
-
|
0.08
|
|
|
Net Earnings (Loss) per
Share – Diluted – Normalized
|
1.91
|
1.60
|
0.31
|
19.4 %
|
4.66
|
5.64
|
(0.98)
|
(17.4 %)
|
|
|
|
|
|
|
|
|
|
|
EBITDA and EBITDA –
Normalized
|
|
Net Earnings (Loss)
before income taxes
|
176.5
|
146.6
|
29.9
|
20.4 %
|
443.0
|
499.7
|
(56.7)
|
(11.3 %)
|
|
Amortization of
property, plant and equipment
|
95.7
|
96.0
|
(0.3)
|
|
285.2
|
301.2
|
(16.0)
|
|
|
Amortization of other
intangible assets
|
15.0
|
12.7
|
2.3
|
|
42.5
|
36.8
|
5.7
|
|
|
Finance
costs
|
8.7
|
4.4
|
4.3
|
|
17.4
|
14.6
|
2.8
|
|
|
Other
interest
|
2.9
|
0.9
|
2.0
|
|
5.9
|
2.3
|
3.6
|
|
|
EBITDA
|
298.8
|
260.6
|
38.2
|
14.7 %
|
794.0
|
854.6
|
(60.6)
|
(7.1 %)
|
|
Foreign exchange (gain)
loss
|
(17.0)
|
(5.5)
|
(11.5)
|
|
(17.0)
|
(6.8)
|
(10.2)
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.7
|
-
|
0.7
|
|
1.2
|
6.3
|
(5.1)
|
|
|
Asset impairment
provision, net of reversals
|
-
|
0.1
|
(0.1)
|
|
0.1
|
1.7
|
(1.6)
|
|
|
Other items
|
-
|
-
|
-
|
|
(22.1)
|
-
|
(22.1)
|
|
|
EBITDA –
Normalized
|
282.5
|
255.2
|
27.3
|
10.7 %
|
756.2
|
855.8
|
(99.6)
|
(11.6 %)
|
All normalized non-GAAP financial measures areas impacting
segments reconciled as follows:
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30
|
September 30
|
|
2022
|
2022
|
|
Industrial
|
Mobility
|
Linamar
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
84.7
|
100.7
|
185.4
|
145.9
|
317.4
|
463.3
|
|
Foreign exchange (gain)
loss
|
(10.4)
|
(6.6)
|
(17.0)
|
(8.9)
|
(8.1)
|
(17.0)
|
|
Other items
|
-
|
-
|
-
|
-
|
(22.1)
|
(22.1)
|
|
Operating Earnings
(Loss) – Normalized
|
74.3
|
94.1
|
168.4
|
137.0
|
287.2
|
424.2
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
EBITDA
|
100.2
|
198.6
|
298.8
|
187.4
|
606.6
|
794.0
|
|
Foreign exchange (gain)
loss
|
(10.4)
|
(6.6)
|
(17.0)
|
(8.9)
|
(8.1)
|
(17.0)
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.2
|
0.5
|
0.7
|
0.3
|
0.9
|
1.2
|
|
Asset impairment
provision, net of reversals
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
|
Other items
|
-
|
-
|
-
|
-
|
(22.1)
|
(22.1)
|
|
EBITDA –
Normalized
|
90.0
|
192.5
|
282.5
|
178.8
|
577.4
|
756.2
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30
|
September 30
|
|
2021
|
2021
|
|
Industrial
|
Mobility
|
Linamar
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
70.0
|
86.2
|
156.2
|
179.4
|
351.7
|
531.1
|
|
Foreign exchange (gain)
loss
|
2.9
|
(8.4)
|
(5.5)
|
5.7
|
(12.5)
|
(6.8)
|
|
Other items
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Operating Earnings
(Loss) – Normalized
|
72.9
|
77.8
|
150.7
|
185.1
|
339.2
|
524.3
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
EBITDA
|
83.3
|
177.3
|
260.6
|
221.1
|
633.5
|
854.6
|
|
Foreign exchange (gain)
loss
|
2.9
|
(8.4)
|
(5.5)
|
5.7
|
(12.5)
|
(6.8)
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.1
|
(0.1)
|
-
|
1.3
|
5.0
|
6.3
|
|
Asset impairment
provision, net of reversals
|
-
|
0.1
|
0.1
|
-
|
1.7
|
1.7
|
|
Other items
|
-
|
-
|
-
|
-
|
-
|
-
|
|
EBITDA –
Normalized
|
86.3
|
168.9
|
255.2
|
228.1
|
627.7
|
855.8
|
Other Non-GAAP Financial Measures
Free Cash Flow
Free Cash Flow is a non-GAAP
financial measure and the Company believes it is useful in
assessing the Company's ability to generate cash. Free Cash Flow is
calculated as Cash from Operating Activities, the most directly
comparable measure as presented in the Company's consolidated
statements of cash flows, adjusted for payments for purchase of
property, plant and equipment, and proceeds on disposal of
property, plant and equipment.
Liquidity
Liquidity is a non-GAAP financial
measure and the Company believes it is useful in assessing the
Company's ability to satisfy its financial obligations as they come
due. Liquidity is calculated as Cash, the most directly comparable
measure as presented in the Company's consolidated statements of
financial position, adjusted for the Company's available
credit.
All other non-GAAP financial measures are reconciled as
follows:
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30
|
September 30
|
|
2022
|
2021
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
|
Free Cash
Flow
|
|
|
|
|
|
Cash generated from
(used in) operating activities
|
118.3
|
281.2
|
247.1
|
691.1
|
|
Payments for purchase
of property, plant and equipment
|
(83.4)
|
(58.6)
|
(256.3)
|
(169.0)
|
|
Proceeds on disposal of
property, plant and equipment
|
1.8
|
1.3
|
34.8
|
5.7
|
|
Free Cash
Flow
|
36.7
|
223.9
|
25.6
|
527.8
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
Cash
|
856.0
|
806.0
|
856.0
|
806.0
|
|
Available
credit
|
435.0
|
957.5
|
435.0
|
957.5
|
|
Liquidity
|
1,291.0
|
1,763.5
|
1,291.0
|
1,763.5
|
Supplementary Financial Measures
Content per Vehicle
Content per Vehicle is a
supplementary financial measure and is calculated within the
Mobility segment for the region indicated as automotive sales less
tooling sales divided by vehicle production units.
Summary of Content per Vehicle by Quarter
The
following table summarizes the updated CPV for the current year for
changes in volumes as revised by industry sources:
|
Estimates as of
September 30, 2022
|
Three Months
Ended
|
Year to Date
|
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
North
America
|
|
2022
|
2022
|
2022
|
|
2022
|
2022
|
2022
|
|
Vehicle Production
Units
|
|
3.68
|
3.70
|
3.81
|
|
3.68
|
7.39
|
11.20
|
|
Automotive
Sales
|
|
$
765.0
|
$
870.6
|
$
918.9
|
|
$
765.0
|
$ 1,635.6
|
$ 2,554.5
|
|
Content Per
Vehicle
|
|
$ 207.61
|
$
235.03
|
$
241.01
|
|
$ 207.61
|
$
221.35
|
$
228.04
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
3.91
|
3.98
|
3.58
|
|
3.91
|
7.89
|
11.47
|
|
Automotive
Sales
|
|
$
390.4
|
$
396.0
|
$
372.6
|
|
$
390.4
|
$
786.5
|
$ 1,159.1
|
|
Content Per
Vehicle
|
|
$
99.83
|
$
99.53
|
$
103.95
|
|
$
99.83
|
$
99.68
|
$
101.01
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
11.31
|
10.28
|
12.46
|
|
11.31
|
21.60
|
34.05
|
|
Automotive
Sales
|
|
$
135.2
|
$ 97.7
|
$
149.6
|
|
$
135.2
|
$
232.9
|
$
382.5
|
|
Content Per
Vehicle
|
|
$
11.95
|
$ 9.50
|
$
12.01
|
|
$
11.95
|
$
10.79
|
$
11.23
|
|
Estimates as of June
30, 2022
|
Three Months
Ended
|
|
Year to Date
|
|
|
|
Mar 31
|
Jun 30
|
|
|
Mar 31
|
Jun 30
|
|
|
North
America
|
|
2022
|
2022
|
|
|
2022
|
2022
|
|
|
Vehicle Production
Units
|
|
3.70
|
3.69
|
|
|
3.70
|
7.39
|
|
|
Automotive
Sales
|
|
$
761.6
|
$
870.6
|
|
|
$
761.6
|
$ 1,632.2
|
|
|
Content Per
Vehicle
|
|
$ 205.83
|
$ 235.70
|
|
|
$ 205.83
|
$
220.76
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
3.90
|
3.94
|
|
|
3.90
|
7.84
|
|
|
Automotive
Sales
|
|
$
390.6
|
$
396.0
|
|
|
$
390.6
|
$
786.7
|
|
|
Content Per
Vehicle
|
|
$ 100.14
|
$ 100.47
|
|
|
$ 100.14
|
$
100.30
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
11.31
|
10.02
|
|
|
11.31
|
21.34
|
|
|
Automotive
Sales
|
|
$
133.9
|
$ 97.7
|
|
|
$
133.9
|
$
231.6
|
|
|
Content Per
Vehicle
|
|
$
11.83
|
$ 9.75
|
|
|
$
11.83
|
$
10.85
|
|
|
Change in Estimates
from Prior Quarter
|
Three Months
Ended
|
|
Year to Date
|
|
|
|
Mar 31
|
Jun 30
|
|
|
Mar 31
|
Jun 30
|
|
|
|
2022
|
2022
|
|
|
2022
|
2022
|
|
|
North
America
|
|
+/-
|
+/-
|
|
|
+/-
|
+/-
|
|
|
Vehicle Production
Units
|
|
(0.02)
|
0.01
|
|
|
(0.02)
|
-
|
|
|
Automotive
Sales
|
|
$ 3.4
|
$
-
|
|
|
$ 3.4
|
$
3.4
|
|
|
Content Per
Vehicle
|
|
$ 1.78
|
$
(0.67)
|
|
|
$ 1.78
|
$ 0.60
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
0.01
|
0.04
|
|
|
0.01
|
0.05
|
|
|
Automotive
Sales
|
|
$ (0.2)
|
$
-
|
|
|
$ (0.2)
|
$ (0.2)
|
|
|
Content Per
Vehicle
|
|
$
(0.31)
|
$ (0.94)
|
|
|
$
(0.31)
|
$
(0.62)
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
|
-
|
0.26
|
|
|
-
|
0.26
|
|
|
Automotive
Sales
|
|
$ 1.3
|
$
-
|
|
|
$ 1.3
|
$
1.3
|
|
|
Content Per
Vehicle
|
|
$ 0.12
|
$
(0.25)
|
|
|
$ 0.12
|
$
(0.06)
|
|
Forward Looking Information, Risk and Uncertainties
Certain information provided by Linamar in this press release,
MD&A, the consolidated financial statements and other documents
published throughout the year which are not recitation of
historical facts may constitute forward-looking statements. The
words "may", "would", "could", "will", "likely", "estimate",
"believe", "expect", "plan", "forecast" and similar expressions are
intended to identify forward-looking statements. Readers are
cautioned that such statements are only predictions and the actual
events or results may differ materially. In evaluating such
forward-looking statements, readers should specifically consider
the various factors that could cause actual events or results to
differ materially from those indicated by such forward-looking
statements.
Such forward-looking information may involve important risks and
uncertainties that could materially alter results in the future
from those expressed or implied in any forward-looking statements
made by, or on behalf of, Linamar. Some of the factors and risks
and uncertainties that cause results to differ from current
expectations include, but are not limited to, changes in the
competitive environment in which Linamar operates, OEM outsourcing
and insourcing; sources and availability of raw materials; labour
markets and dependence on key personnel; dependence on certain
customers and product programs; technological change in the sectors
in which the Company operates and by Linamar's competitors; delays
in or operational issues with product launches; foreign currency
risk; long-term contracts that are not guaranteed; acquisition and
expansion risk; foreign business risk; public health threats;
cyclicality and seasonality; legal proceedings and insurance
coverage; credit risk; weather; emission standards; capital and
liquidity risk; tax laws; securities laws compliance and corporate
governance standards; fluctuations in interest rates; environmental
emissions and safety regulations; trade and labour disruptions;
world political events; pricing concessions to customers; and
governmental, environmental and regulatory policies.
The foregoing is not an exhaustive list of the factors that may
affect Linamar's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on Linamar's forward-looking statements. Linamar
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements.
Conference Call Information
Q3 2022 Release Information
Linamar will hold a
webcast call on November 9, 2022, at
5:00 p.m. ET to discuss its third
quarter results. The event will be simulcast and can be accessed at
the following URL linamar.com/event/q3-2022-earnings-call/
and can also be navigated to on the Company's website. For those
who wish to listen to an audio only call-in option, the numbers for
this call are (+1) 888 886-7786 (North
America) or (+1) 416 764-8658 (International) Conference ID
21070291, with a call-in required 15 minutes prior to the start of
the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and
Chief Executive Officer. A copy of the Company's quarterly
financial statements, including the Management's Discussion &
Analysis, will be available on the Company's website after
4:00 p.m. ET on November 9, 2022, and at www.sedar.com by the
start of business on November 10,
2022. The webcast replay will be available at
linamar.com/event/q3-2022-earnings-call/ after the call. A taped
replay of the conference call will also be made available starting
at 8:00 p.m. ET on November 9, 2022, for seven days. The number for
the replay is (+1) (877) 674-7070 or (+1) (416) 764-8692, Passcode:
070291#. In addition, a recording of the call will be posted at
linamar.com/event/q3-2022-earnings-call/.
Q4 2022 Release Information
Linamar will hold a
webcast call on March 8, 2023, at
5:00 p.m. ET to discuss its fourth
quarter results. The event will be simulcast and can be accessed at
the following URL
https://www.linamar.com/event/q4-2022-earnings-call/ and can also
be navigated to on the Company's website. For those who wish to
listen to an audio only call-in option, the numbers for this call
are (+1) 888 396-8049 (North
America) or (+1) 416 764-8646 (International) Conference ID
62240189, with a call-in required 15 minutes prior to the start of
the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and
Chief Executive Officer. A copy of the Company's quarterly
financial statements, including the Management's Discussion &
Analysis, will be available on the Company's website after
4:00 p.m. ET on March 8, 2023, and at www.sedar.com by the start
of business on March 9, 2023. The
webcast replay will be available at
https://www.linamar.com/event/q4-2022-earnings-call/ after the
call. A taped replay of the conference call will also be made
available starting at 8:00 p.m. ET on
March 8, 2023, for seven days. The
number for the replay is (+1) (877) 674-7070 or (+1) (416)
764-8692, Passcode: 240189#. In addition, a recording of the call
will be posted at
https://www.linamar.com/event/q4-2022-earnings-call/.
Linamar Corporation (TSX:LNR) is an advanced manufacturing
company where the intersection of leading-edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of
two operating segments – the Industrial segment and the Mobility
segment, both global leaders in manufacturing solutions and
world-class developers of highly engineered products. The
Industrial segment is comprised of Skyjack, MacDon and Salford. Skyjack manufactures scissor, boom
and telehandler lifts for the aerial work platform industry. MacDon
manufactures combine draper headers and self-propelled windrowers
for the agricultural harvesting industry. Salford also supplies the agriculture market
with farm tillage and crop fertilizer applicator equipment. The
Mobility segment is subdivided into three regional groups:
North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. In addition to the recently
formed eLIN Product Solutions Group that focuses on
Electrification, McLaren Engineering provides design, development,
and testing services for the Mobility segment. Linamar's recently
announced medical solutions group, Linamar MedTech, focuses on
manufacturing solutions for medical devices and precision medical
components. Linamar has 27,619 employees in 65 manufacturing
locations, 14 R&D centres and 28 sales offices in 17 countries
in North and South America,
Europe and Asia, which generated sales of more than
$6.5 billion in 2021. For more
information about Linamar Corporation and its industry-leading
products and services, visit www.linamar.com or follow us on our
social media channels.
Guelph, Ontario
November 9, 2022
SOURCE Linamar Corporation
