Guelph-based Linamar Corp. is heading toward a record year of growth after reporting a sales increase of 18.6 per cent ($288 million) over the same quarter in 2017.
The company’s quarterly report released Wednesday showed sales of $1.8 billion in the third quarter of 2018.
For the year to date, Linamar reports $5.89 billion in sales worldwide.
“We are delighted to announce another quarter of double digit sales and earnings growth,” said Linamar CEO Linda Hasenfratz in a release.
“With USMCA terms agreed to we can continue to focus on growth opportunities in all of our business segments with certainty. We continue to see record levels of opportunity and market share growth in our automotive business thanks to evolving technologies so well aligned to our capabilities, Skyjack continues to grow at double digit rates through product and geographic expansion, and MacDon is performing better than expected as well. We are confident in our ability to continue to drive growth at Linamar as we have so consistently done over the past 10 years.”
Linamar listed highlights included increased volumes from light vehicle automotive customers in North America and Asia and sales increases related to the acquisition of farm equipment manufacturer MacDon.
There was also a favourable impact on sales from the changes in foreign exchange rates over last year.