A key acquisition has spurred a double-digit sales increase but also a double-digit-earnings jump for the auto parts maker.
LINAMAR CORP. (Toronto symbol LNR; www.linamar.com) makes a variety of automotive parts, including cylinder heads, cylinder blocks, camshafts, crankshafts and connecting rods. The company also makes self-propelled, elevating work platforms; it sells them under the Skyjack name.
Linamar’s sales in the third quarter of 2016 rose 14.3%, to $1.5 billion from $1.3 billion a year earlier. That gain is mainly due to the February 2016 acquisition of Montupet, a French maker of aluminum car parts. It paid $1.2 billion for Montupet’s shares, and assumed $97.5 million of its debt.
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The company borrowed most of the cash it needed to buy Montupet. As a result, its long-term debt of $1.5 billion (as of September 30, 2016) is a high 45% of its market cap. However, the new operations will help boost Linamar earnings as carmakers add more aluminum to their vehicles to comply with tougher fuel efficiency standards. The parts maker also holds cash of $462.1 million.
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Linamar is a stock that I have been watching for a few years, and I’ve never been able to overcome my concerns. But this new purchase of Linamar’s may really help. I appreciate the analysis