March 6, 2024, Guelph, Ontario, Canada (TSX: LNR)
Strong financial performance
- Sales up 19.1% to $2.45 billion in Q4 2023, and up 23% for the year;
- Normalized Operating Earnings1 up 36.2% in Q4 2023, and up 41.4% for the year; and
- Normalized Diluted Earnings per Share1 up 23% in Q4 2023, and up 40.3% for the year.
Mobility Segment Performing
- Mobility segment finished the year on a very strong note with earnings and margins well up over Q3 2023; and
- Mobility segment earnings also up over Q4 2022 and margins up on a constant currency basis.
Diversified Strategy Success - Diversified strategy validated with Industrial earnings up 145% over 2022, anchoring solid overall performance; and
- Acquisition of our chassis and suspension business closed and will drive strong propulsion-agnostic growth.
Returning Cash to Shareholders
- Linamar is once again increasing its dividend to shareholders to a record quarterly $0.25 per share.
Double-Digit Sales Growth in Both Segments
- Sales up 19.8% for Industrial for the quarter and 38.3% for the year, due to solid market share growth in both the agricultural and access equipment product families;
- Sales up 18.9% for Mobility in the quarter and 18% for the year, driven by both our Linamar Structures acquisitions as well as launching programs and increased volumes; and
- North American and European content per vehicle hit a new annual record reflective of continued market share growth.