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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Linamar Corporation    LNR   CA53278L1076

LINAMAR CORPORATION

(LNR)
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Linamar : Canadian auto parts maker Linamar's cost controls help post smaller loss

08/06/2020 | 04:22pm EST

Aug 6 (Reuters) - Linamar Corp on Thursday posted a smaller-than-expected quarterly loss, as the Canadian auto parts maker kept a tight lid on costs to weather the demand fallout from the COVID-19 pandemic.

The company, which supplies to General Motors, also pointed to a strengthening return in volumes as automotive production in North America and Europe restarted in May.

"We are through the toughest part and now laser-focused on restarting... and recovering," Chief Executive Linda Hasenfratz said.

Still, a resurgence in new coronavirus cases in southern and southwestern U.S. states has cast a shadow over the prospect of a quick recovery in the automotive market.

Sales in the company's industrial unit fell 56.7% to C$259.2 million in the second quarter ended June 30, while they dropped 55.3% in its transportation division due to shutdowns during the pandemic.

Total sales plunged 55.7% to C$923.6 million.

The company's net loss was C$37.9 million ($28.50 million), or 58 Canadian cents per share, compared to a net profit of C$150.2 million, or C$2.28 per share, a year earlier.

Excluding items, the company posted a loss of 34 Canadian cents per share, compared with analysts' average estimates of a loss of 80 Canadian cents.

The company said it cut capital expenditure by 81% to C$24.0 million in the second quarter and had C$1.1 billion in cash and cash equivalents and available credit at the end of June 30.

($1 = 1.3299 Canadian dollars) (Reporting by Sanjana Shivdas in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY -1.40% 55.08 Delayed Quote.34.15%
LINAMAR CORPORATION -0.26% 73.71 Delayed Quote.7.89%
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More news
Financials
Sales 2020 5 716 M 4 515 M 4 515 M
Net income 2020 257 M 203 M 203 M
Net Debt 2020 944 M 746 M 746 M
P/E ratio 2020 18,7x
Yield 2020 0,41%
Capitalization 4 824 M 3 822 M 3 811 M
EV / Sales 2020 1,01x
EV / Sales 2021 0,83x
Nbr of Employees 26 000
Free-Float 68,7%
Chart LINAMAR CORPORATION
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Linamar Corporation Technical Analysis Chart | LNR | CA53278L1076 | MarketScreener
Technical analysis trends LINAMAR CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 75,50 CAD
Last Close Price 73,71 CAD
Spread / Highest target 11,2%
Spread / Average Target 2,43%
Spread / Lowest Target -11,8%
EPS Revisions
Managers and Directors
NameTitle
Linda S. Hasenfratz Chief Executive Officer & Director
James Jarrell President & Chief Operating Officer
Frank J. Hasenfratz Chairman
Dale Schneider Chief Financial Officer
Mark Stoddart Non-Independent Director, CTO & EVP-Sales
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