Linamar sees second-quarter sales fall by more than 50 per cent amid COVID-19


GUELPH, Ont. — Linamar Corp. saw its latest quarterly sales slashed by more than half amid the COVID-19 pandemic.

The company based in Guelph, Ont., says sales for the three months ended June 30 totalled $923.6 million — down from roughly $2.086 billion in the same time the previous year.

It says second-quarter sales in its industrial segment fell 56.7 per cent and in its transportation segment 55.3 per cent partly due to adverse conditions associated with the pandemic.

The manufacturer says it recorded a net loss of $37.9 million or 58 cents per diluted share, compared to a net profit of $150.2 million or $2.28 per share in the same quarter of 2019.

Linamar says its normalized net loss totalled $22 million or 34 cents per share for the quarter, down from a net profit of $158.3 million or $2.40 a share.

Analysts expected a net loss of $72.45 million or $1.34 per share, and a normalized net loss of $23 million or 80 cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 6, 2020.

Companies in this story: (TSX:LNR)

The Canadian Press