GUELPH,
ON, March 8, 2023 /CNW/ - (TSX: LNR)
- Sales up 34.3% and Net Earnings up 83.7%;
- Record level of annual sales of $7.92
billion;
- Outstanding and also a record year in new business wins
("NBW");
-
- Greater than 50% of full year NBW with electrified vehicles for
over $1 billion in annualized sales
won, triple any prior year level of wins; and
- Launch book more than $4.1
billion.
- Sales up 73.1% for Industrial due to strong markets and solid
market share growth notably in our agricultural products;
- Sales up 25.1% for Mobility primarily thanks to launching
programs;
- Growth in content per vehicle1 ("CPV") achieved in
every region and new records of annual CPV reached in North America and Europe;
- An additional 0.7 million shares repurchased in the quarter for
a total of 3.97 million for 2022; and
- Strong liquidity1, measured as cash and cash
equivalents and available credit as at December 31, 2022, of $1.3
billion.
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December 31
|
December 31
|
|
(in millions of
dollars, except per share figures)
|
2022
|
2021
|
2022
|
2021
|
|
$
|
$
|
$
|
$
|
|
Sales
|
2,060.0
|
1,534.4
|
7,917.9
|
6,536.6
|
|
Operating Earnings
(Loss)
|
|
|
|
|
|
Industrial
|
55.7
|
(11.5)
|
201.6
|
167.9
|
|
Mobility
|
75.8
|
81.6
|
393.2
|
433.3
|
|
Operating Earnings
(Loss)
|
131.5
|
70.1
|
594.8
|
601.2
|
|
Net Earnings
(Loss)
|
92.2
|
50.2
|
426.2
|
420.6
|
|
Net Earnings (Loss) per
Share – Diluted
|
1.49
|
0.77
|
6.67
|
6.41
|
|
Earnings before
interest, taxes and amortization ("EBITDA")1
|
248.2
|
178.0
|
1,042.2
|
1,032.6
|
|
Operating Earnings
(Loss) – Normalized1
|
|
|
|
|
|
Industrial
|
55.5
|
(4.2)
|
192.5
|
180.9
|
|
Mobility
|
85.4
|
85.3
|
372.6
|
424.5
|
|
Operating Earnings
(Loss) – Normalized
|
140.9
|
81.1
|
565.1
|
605.4
|
|
Net Earnings (Loss)
– Normalized1
|
99.5
|
59.0
|
400.5
|
428.4
|
|
Net Earnings (Loss)
per Share – Diluted – Normalized1
|
1.61
|
0.90
|
6.26
|
6.53
|
|
EBITDA –
Normalized1
|
257.8
|
189.6
|
1,014.0
|
1,045.4
|
OPERATING HIGHLIGHTS
Sales for the fourth quarter of
2022 ("Q4 2022") were $2,060.0
million, up $525.6 million
from $1,534.4 million in the fourth
quarter of 2021 ("Q4 2021").
The Industrial segment ("Industrial") product sales increased
73.1%, or $214.1 million, to
$507.1 million in Q4 2022 from Q4
2021. The sales increase was due to:
- an increase in agricultural sales from market growth further
improved by global market share growth in all core products;
- increased sales related to the acquisition of the Salford Group
of Companies ("Salford");
- additional access equipment sales primarily due to increased
market volumes in addition to market share growth in access
equipment for certain targeted products and regions;
- increased pricing to help relieve increased supply chain costs;
and
- a favourable impact on sales from the changes in foreign
exchange rates from Q4 2021.
Sales for the Mobility segment ("Mobility") increased by
$311.5 million, or 25.1% in Q4 2022
compared with Q4 2021. The sales in Q4 2022 were impacted by:
- increased sales related to launching programs and increased
volumes for certain programs that the Company has significant
business with;
- increased sales related to the acquisition of the remaining 50%
interest of GF Linamar LLC now known as LLM Mills River;
- increased pricing related to cost recovery partially offsetting
the associated raw material and utilities; and
- a favourable impact on sales from the changes in foreign
exchange rates from Q4 2021.
|
___________________________
|
|
1
|
Operating Earnings
(Loss) – Normalized, Net Earnings (Loss) – Normalized, Net Earnings
(Loss) per Share – Diluted – Normalized, EBITDA, EBITDA –
Normalized, Liquidity, and Free Cash Flow are non-GAAP financial
measures. Content per Vehicle is a Supplementary Financial Measure.
Please see "Non-GAAP and Other Financial Measures" section of this
press release.
|
|
|
The Company's normalized operating earnings for Q4 2022 was
$140.9 million. This compares to
normalized operating earnings of $81.1 million in Q4 2021, an increase of
$59.8 million.
Industrial segment normalized operating earnings in Q4 2022
increased $59.7 million from Q4 2021.
The Industrial normalized operating earnings results were
predominantly driven by:
- an increase in agricultural sales volumes and pricing;
- an increase in access equipment sales volumes and pricing;
- a favourable impact from the changes in foreign exchange rates
from Q4 2021; and
- increased margin related to the acquisition of Salford; partially offset by
- increased costs related to labour and raw materials offset by
customer cost recovered in sales; and
- a reduction in the utilization of Government support programs
related to the global COVID-19 pandemic.
Q4 2022 normalized operating earnings for Mobility were flat at
$85.4 million compared to Q4 2021.
The Mobility segment's earnings were impacted by the following:
- increased sales related to launching programs and increased
volumes for certain programs that the Company has significant
business with; and
- a favourable impact from the changes in foreign exchange rates
from Q4 2021; partially offset by
- reduction in earnings related to the acquisition of LLM Mills
River;
- increased costs related to raw materials and utilities
partially offset by customer cost recovered in sales; and
- an increase in travel expenses supporting growth.
"The year ended on a very strong note with solid sales and
earnings growth," said Linamar Executive Chair and CEO Linda Hasenfratz, "2022 was a tough year
navigating supply disruptions, labour shortages and cost increases
but our team did an excellent job of focusing on cost reduction,
negotiating recoveries where possible and continuing to chase new
growth opportunities. Record annual sales, record levels of new
business wins, record levels of electrified new business wins, in
fact triple any other year in our history, record level of annual
CPV in North America and
Europe – all of that is evidence
of an amazing team hitting it out of the park on growth for today
and tomorrow. And with another year of positive free cash
flow in the bank, we are increasing our dividend 10% on the heels
of a very successful share buy back program – balancing the needs
of our shareholders with our employees and customers as we do every
day."
DIVIDENDS
The Board of Directors today declared an
eligible dividend in respect to the quarter ended December 31, 2022 of CDN$0.22 per share on the common shares of the
company, payable on or after April 18,
2023 to shareholders of record on March 31, 2023.
NON-GAAP AND OTHER FINANCIAL MEASURES
The Company uses
certain non-GAAP and other financial measures to provide useful
information to both management, investors and other stakeholders in
assessing the financial performance and financial condition of the
Company.
Certain expenses and income that must be recognized under GAAP
are not necessarily reflective of the Company's underlying
operational performance. For this reason, management uses certain
non-GAAP and other financial measures when analyzing operational
performance on a consistent basis.
These Non-GAAP and other financial measures do not have a
standardized meaning prescribed by GAAP and therefore they are
unlikely to be comparable to similarly titled measures presented by
other publicly traded companies, and they should not be construed
as an alternative to other financial measures determined in
accordance with GAAP.
Normalized Non-GAAP Financial Measures and Ratios
All
Non-GAAP financial measures denoted with 'Normalized' as presented
by the Company are adjusted for foreign exchange gain (loss),
foreign exchange gain (loss) on debt and derivatives, and other
items.
Operating Earnings (Loss) – Normalized
Operating
Earnings (Loss) – Normalized is a non-GAAP financial measure and
the Company believes it is useful in assessing the Company's
underlying operational performance and in making decisions
regarding the ongoing operations of the business. Operating
Earnings (Loss) – Normalized is calculated as Operating Earnings
(Loss), the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for foreign
exchange gain (loss), and any other items, if applicable, that are
considered not to be indicative of underlying operational
performance.
Net Earnings (Loss) – Normalized
Net Earnings (Loss) –
Normalized is a non-GAAP financial measure and the Company believes
it is useful in assessing the Company's underlying operational
performance and in making decisions regarding the ongoing
operations of the business. Net Earnings (Loss) – Normalized is
calculated as Net Earnings (Loss), the most directly comparable
measure as presented in the Company's consolidated statement of
earnings, adjusted for foreign exchange gain (loss), foreign
exchange gain (loss) on debt and derivatives, and any other items,
if applicable, that are considered not to be indicative of
underlying operational performance.
Net Earnings (Loss) per Share – Diluted –
Normalized
Net Earnings (Loss) per Share – Diluted –
Normalized is a non-GAAP financial ratio and the Company believes
it is useful in assessing the Company's underlying operational
performance and in making decisions regarding the ongoing
operations of the business. Net Earnings (Loss) per Share – Diluted
– Normalized is calculated as Net Earnings (Loss) – Normalized (as
defined above) divided by the fully diluted number of shares
outstanding as at the period end date.
EBITDA and EBITDA – Normalized
EBITDA is a non-GAAP
financial measure and the Company believes it is useful in
assessing the Company's underlying operational performance of cash
flow and profitability, the effective use and allocation of
resources, and to provide more meaningful comparisons of operating
results. EBITDA is calculated as Net Earnings (Loss) before income
taxes, the most directly comparable measure as presented in the
Company's consolidated statement of earnings, adjusted for
amortization of property, plant and equipment, amortization of
other intangible assets, finance costs, and other interest.
EBITDA – Normalized is a non-GAAP financial measure and the
Company believes EBITDA – Normalized is useful in assessing the
Company's underlying operational performance of cash flow and
profitability, the effective use and allocation of resources, and
to provide more meaningful comparisons of operating results. EBITDA
– Normalized is calculated as EBITDA (as defined above) adjusted
for foreign exchange gain (loss), foreign exchange gain (loss) on
debt and derivatives, non-cash asset impairments and any other
items, if applicable, that are considered not to be indicative of
underlying operational performance.
All these other items contained in these non-GAAP financial
measures are summarized as follows:
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31
|
|
|
December 31
|
|
2022
|
2021
|
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
|
$
|
$
|
|
Gain on sale of unused
land
|
-
|
-
|
|
(22.1)
|
-
|
|
Net gain on the
purchase of LLM Mills River
|
(7.7)
|
-
|
|
(7.7)
|
-
|
|
Adjustment for
CEWS
|
-
|
16.6
|
|
-
|
16.6
|
|
Other items impacting
Operating Earnings (loss) – Normalized and Net
Earnings (Loss) - Normalized
|
(7.7)
|
16.6
|
|
(29.8)
|
16.6
|
|
|
|
|
|
|
|
Gain on sale of unused
land
|
-
|
-
|
|
(22.1)
|
-
|
|
Net gain on the
purchase of LLM Mills River
|
(7.7)
|
-
|
|
(7.7)
|
-
|
|
Adjustment for
CEWS
|
-
|
16.6
|
|
-
|
16.6
|
|
Other items
|
(7.7)
|
16.6
|
|
(29.8)
|
16.6
|
|
Asset impairment
provision, net of reversals
|
(0.1)
|
0.7
|
|
-
|
2.4
|
|
Other items and asset
impairments impacting EBITDA – Normalized
|
(7.8)
|
17.3
|
|
(29.8)
|
19.0
|
Normalizing items for asset impairment provisions, net of
reversals adjusted EBITDA and impacted the Mobility segment by
$0.1 million for Q4 2022
($0.7 million loss for Q4 2021
and $2.4 million loss for the full
year of 2021).
During Q4 2022, a normalizing item related to a "net gain on the
purchase of LLM Mills River" impacted the Mobility segment by
$7.7 million. The Company's
acquisition of the remaining 50% interest in the joint venture, LLM
Mills River, resulted in a gain on bargain purchase of $29.4 million partially offset by a remeasurement
of the original net investment of $21.7
million.
During Q1 2022, a normalizing item related to a "gain on sale of
unused land" impacted the Mobility segment by $22.1 million.
During Q4 2021, a normalizing item related to an adjustment for
CEWS impacted the Mobility segment by $13.7
million and the Industrial segment by $2.9 million. The adjustment for CEWS is a
provision recorded as a result of the subsidy program coming to an
end. The Company is reviewing its claim filings to ensure the
accuracy of the claims. CEWS was a subsidy program in Canada to assist companies in response to
COVID-19 which came to an end in October
2021.
All normalized non-GAAP financial measures areas reconciled as
follows:
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December 31
|
December 31
|
|
(in millions of
dollars)
|
2022
|
2021
|
+/-
|
+/-
|
2022
|
2021
|
+/-
|
+/-
|
|
$
|
$
|
$
|
%
|
$
|
$
|
$
|
%
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
131.5
|
70.1
|
61.4
|
87.6 %
|
594.8
|
601.2
|
(6.4)
|
(1.1 %)
|
|
Foreign exchange (gain)
loss
|
17.1
|
(5.6)
|
22.7
|
|
0.1
|
(12.4)
|
12.5
|
|
|
Other items
|
(7.7)
|
16.6
|
(24.3)
|
|
(29.8)
|
16.6
|
(46.4)
|
|
|
Operating Earnings
(Loss) – Normalized
|
140.9
|
81.1
|
59.8
|
73.7 %
|
565.1
|
605.4
|
(40.3)
|
(6.7 %)
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
– Normalized
|
|
Net Earnings
(Loss)
|
92.2
|
50.2
|
42.0
|
83.7 %
|
426.2
|
420.6
|
5.6
|
1.3 %
|
|
Foreign exchange (gain)
loss
|
17.1
|
(5.6)
|
22.7
|
|
0.1
|
(12.4)
|
12.5
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.3
|
(0.1)
|
0.4
|
|
1.5
|
6.2
|
(4.7)
|
|
|
Other items
|
(7.7)
|
16.6
|
(24.3)
|
|
(29.8)
|
16.6
|
(46.4)
|
|
|
Tax impact
|
(2.4)
|
(2.1)
|
(0.3)
|
|
2.5
|
(2.6)
|
5.1
|
|
|
Net Earnings (Loss) –
Normalized
|
99.5
|
59.0
|
40.5
|
68.6 %
|
400.5
|
428.4
|
(27.9)
|
(6.5 %)
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (Loss)
per Share – Diluted – Normalized
|
|
Net Earnings (Loss) per
Share – Diluted
|
1.49
|
0.77
|
0.72
|
93.5 %
|
6.67
|
6.41
|
0.26
|
4.1 %
|
|
Foreign exchange (gain)
loss
|
0.27
|
(0.09)
|
0.36
|
|
-
|
(0.19)
|
0.19
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.01
|
-
|
0.01
|
|
0.02
|
0.10
|
(0.08)
|
|
|
Other items
|
(0.12)
|
0.25
|
(0.37)
|
|
(0.47)
|
0.25
|
(0.72)
|
|
|
Tax impact
|
(0.04)
|
(0.03)
|
(0.01)
|
|
0.04
|
(0.04)
|
0.08
|
|
|
Net Earnings (Loss) per
Share – Diluted – Normalized
|
1.61
|
0.90
|
0.71
|
78.9 %
|
6.26
|
6.53
|
(0.27)
|
(4.1 %)
|
|
|
|
|
|
|
|
|
|
|
EBITDA and EBITDA –
Normalized
|
|
Net Earnings (Loss)
before income taxes
|
120.1
|
62.5
|
57.6
|
92.2 %
|
563.1
|
562.2
|
0.9
|
0.2 %
|
|
Amortization of
property, plant and equipment
|
97.6
|
96.0
|
1.6
|
|
382.8
|
397.1
|
(14.3)
|
|
|
Amortization of other
intangible assets
|
15.7
|
14.8
|
0.9
|
|
58.2
|
51.6
|
6.6
|
|
|
Finance
costs
|
10.9
|
3.9
|
7.0
|
|
28.3
|
18.4
|
9.9
|
|
|
Other
interest
|
3.9
|
0.8
|
3.1
|
|
9.8
|
3.3
|
6.5
|
|
|
EBITDA
|
248.2
|
178.0
|
70.2
|
39.4 %
|
1,042.2
|
1,032.6
|
9.6
|
0.9 %
|
|
Foreign exchange (gain)
loss
|
17.1
|
(5.6)
|
22.7
|
|
0.1
|
(12.4)
|
12.5
|
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
0.3
|
(0.1)
|
0.4
|
|
1.5
|
6.2
|
(4.7)
|
|
|
Asset impairment
provision, net of reversals
|
(0.1)
|
0.7
|
(0.8)
|
|
-
|
2.4
|
(2.4)
|
|
|
Other items
|
(7.7)
|
16.6
|
(24.3)
|
|
(29.8)
|
16.6
|
(46.4)
|
|
|
EBITDA –
Normalized
|
257.8
|
189.6
|
68.2
|
36.0 %
|
1,014.0
|
1,045.4
|
(31.4)
|
(3.0 %)
|
All normalized non-GAAP financial measures areas impacting
segments reconciled as follows:
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December 31
|
December 31
|
|
2022
|
2022
|
|
Industrial
|
Mobility
|
Linamar
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
55.7
|
75.8
|
131.5
|
201.6
|
393.2
|
594.8
|
|
Foreign exchange (gain)
loss
|
(0.2)
|
17.3
|
17.1
|
(9.1)
|
9.2
|
0.1
|
|
Other items
|
-
|
(7.7)
|
(7.7)
|
-
|
(29.8)
|
(29.8)
|
|
Operating Earnings
(Loss) – Normalized
|
55.5
|
85.4
|
140.9
|
192.5
|
372.6
|
565.1
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
EBITDA
|
70.5
|
177.7
|
248.2
|
258.0
|
784.2
|
1,042.2
|
|
Foreign exchange (gain)
loss
|
(0.2)
|
17.3
|
17.1
|
(9.1)
|
9.2
|
0.1
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
(0.1)
|
0.4
|
0.3
|
0.2
|
1.3
|
1.5
|
|
Asset impairment
provision, net of reversals
|
-
|
(0.1)
|
(0.1)
|
-
|
-
|
-
|
|
Other items
|
-
|
(7.7)
|
(7.7)
|
-
|
(29.8)
|
(29.8)
|
|
EBITDA –
Normalized
|
70.2
|
187.6
|
257.8
|
249.1
|
764.9
|
1,014.0
|
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December 31
|
December 31
|
|
2021
|
2021
|
|
Industrial
|
Mobility
|
Linamar
|
Industrial
|
Mobility
|
Linamar
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
$
|
$
|
|
Operating Earnings
(Loss) – Normalized
|
|
Operating Earnings
(Loss)
|
(11.5)
|
81.6
|
70.1
|
167.9
|
433.3
|
601.2
|
|
Foreign exchange (gain)
loss
|
4.4
|
(10.0)
|
(5.6)
|
10.1
|
(22.5)
|
(12.4)
|
|
Other items
|
2.9
|
13.7
|
16.6
|
2.9
|
13.7
|
16.6
|
|
Operating Earnings
(Loss) – Normalized
|
(4.2)
|
85.3
|
81.1
|
180.9
|
424.5
|
605.4
|
|
|
|
|
|
|
|
|
EBITDA –
Normalized
|
|
EBITDA
|
1.2
|
176.8
|
178.0
|
222.3
|
810.3
|
1,032.6
|
|
Foreign exchange (gain)
loss
|
4.4
|
(10.0)
|
(5.6)
|
10.1
|
(22.5)
|
(12.4)
|
|
Foreign exchange (gain)
loss on debt and derivatives
|
(0.1)
|
-
|
(0.1)
|
1.2
|
5.0
|
6.2
|
|
Asset impairment
provision, net of reversals
|
-
|
0.7
|
0.7
|
-
|
2.4
|
2.4
|
|
Other items
|
2.9
|
13.7
|
16.6
|
2.9
|
13.7
|
16.6
|
|
EBITDA –
Normalized
|
8.4
|
181.2
|
189.6
|
236.5
|
808.9
|
1,045.4
|
Other Non-GAAP Financial Measures
Free Cash
Flow
Free Cash Flow is a non-GAAP financial measure and the
Company believes it is useful in assessing the Company's ability to
generate cash. Free Cash Flow is calculated as Cash from Operating
Activities, the most directly comparable measure as presented in
the Company's consolidated statements of cash flows, adjusted for
payments for purchase of property, plant and equipment, and
proceeds on disposal of property, plant and equipment.
Liquidity
Liquidity is a non-GAAP financial measure
and the Company believes it is useful in assessing the Company's
ability to satisfy its financial obligations as they come due.
Liquidity is calculated as Cash, the most directly comparable
measure as presented in the Company's consolidated statements of
financial position, adjusted for the Company's available
credit.
All other non-GAAP financial measures are reconciled as
follows:
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December 31
|
December 31
|
|
2022
|
2021
|
2022
|
2021
|
|
(in millions of
dollars)
|
$
|
$
|
$
|
$
|
|
Free Cash
Flow
|
|
|
|
|
|
Cash generated from
(used in) operating activities
|
221.0
|
217.6
|
468.1
|
908.8
|
|
Payments for purchase
of property, plant and equipment
|
(154.3)
|
(74.1)
|
(410.6)
|
(243.1)
|
|
Proceeds on disposal of
property, plant and equipment
|
1.4
|
1.2
|
36.2
|
6.9
|
|
Free Cash
Flow
|
68.1
|
144.7
|
93.7
|
672.6
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
Cash
|
860.5
|
928.4
|
860.5
|
928.4
|
|
Available
credit
|
462.5
|
957.5
|
462.5
|
957.5
|
|
Liquidity
|
1,323.0
|
1,885.9
|
1,323.0
|
1,885.9
|
Supplementary Financial Measures
Content per
Vehicle
Content per Vehicle is a supplementary financial
measure and is calculated within the Mobility segment for the
region indicated as automotive sales less tooling sales divided by
vehicle production units.
Summary of Content per Vehicle by Quarter
The
following table summarizes the updated CPV for the current year for
changes in volumes as revised by industry sources:
|
Estimates as of
December 31, 2022
|
Three Months
Ended
|
Year to Date
|
|
Mar 31
|
Jun 30
|
Sep 30
|
Dec 31
|
Mar 31
|
Jun 30
|
Sep 30
|
Dec 31
|
|
North
America
|
2022
|
2022
|
2022
|
2022
|
2022
|
2022
|
2022
|
2022
|
|
Vehicle Production
Units
|
3.67
|
3.68
|
3.80
|
3.69
|
3.67
|
7.36
|
11.16
|
14.84
|
|
Automotive
Sales
|
$
767.0
|
$
870.2
|
$
912.6
|
$
876.0
|
$
767.0
|
$ 1,637.1
|
$ 2,549.7
|
$ 3,425.7
|
|
Content Per
Vehicle
|
$ 208.73
|
$ 236.14
|
$
240.24
|
$
237.63
|
$ 208.73
|
$ 222.45
|
$
228.51
|
$
230.77
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
3.91
|
3.97
|
3.63
|
4.29
|
3.91
|
7.89
|
11.51
|
15.81
|
|
Automotive
Sales
|
$
388.2
|
$
396.3
|
$
381.0
|
$
389.5
|
$
388.2
|
$
784.6
|
$ 1,165.5
|
$ 1,555.0
|
|
Content Per
Vehicle
|
$
99.20
|
$
99.78
|
$
105.08
|
$
90.70
|
$
99.20
|
$
99.49
|
$
101.25
|
$
98.39
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
11.30
|
10.26
|
12.78
|
12.85
|
11.30
|
21.56
|
34.35
|
47.19
|
|
Automotive
Sales
|
$
134.4
|
$ 96.0
|
$
149.5
|
$
150.8
|
$
134.4
|
$
230.4
|
$
379.9
|
$
530.7
|
|
Content Per
Vehicle
|
$
11.89
|
$ 9.35
|
$
11.69
|
$
11.74
|
$
11.89
|
$
10.68
|
$
11.06
|
$
11.24
|
|
Estimates as of
September 30, 2022
|
Three Months
Ended
|
|
Year to Date
|
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
|
North
America
|
2022
|
2022
|
2022
|
|
2022
|
2022
|
2022
|
|
|
Vehicle Production
Units
|
3.68
|
3.70
|
3.81
|
|
3.68
|
7.39
|
11.20
|
|
|
Automotive
Sales
|
$
765.0
|
$
870.6
|
$
918.9
|
|
$
765.0
|
$ 1,635.6
|
$ 2,554.5
|
|
|
Content Per
Vehicle
|
$ 207.61
|
$ 235.03
|
$ 241.01
|
|
$ 207.61
|
$ 221.36
|
$
228.04
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
3.91
|
3.98
|
3.58
|
|
3.91
|
7.89
|
11.47
|
|
|
Automotive
Sales
|
$
390.4
|
$
396.0
|
$
372.6
|
|
$
390.4
|
$
786.5
|
$ 1,159.1
|
|
|
Content Per
Vehicle
|
$
99.83
|
$
99.53
|
$ 103.95
|
|
$
99.83
|
$
99.68
|
$
101.01
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
11.31
|
10.28
|
12.46
|
|
11.31
|
21.60
|
34.05
|
|
|
Automotive
Sales
|
$
135.2
|
$ 97.7
|
$
149.6
|
|
$
135.2
|
$
232.9
|
$
382.5
|
|
|
Content Per
Vehicle
|
$
11.95
|
$ 9.50
|
$
12.01
|
|
$
11.95
|
$
10.79
|
$
11.23
|
|
|
Change in Estimates
from Prior Quarter
|
Three Months
Ended
|
|
Year to Date
|
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
Mar 31
|
Jun 30
|
Sep 30
|
|
|
2022
|
2022
|
2022
|
|
2022
|
2022
|
2022
|
|
|
North
America
|
+/-
|
+/-
|
+/-
|
|
+/-
|
+/-
|
+/-
|
|
|
Vehicle Production
Units
|
(0.01)
|
(0.02)
|
(0.01)
|
|
(0.01)
|
(0.03)
|
(0.04)
|
|
|
Automotive
Sales
|
$ 2.0
|
$ (0.4)
|
$ (6.3)
|
|
$ 2.0
|
$ 1.5
|
$ (4.8)
|
|
|
Content Per
Vehicle
|
$ 1.12
|
$ 1.11
|
$
(0.77)
|
|
$ 1.12
|
$ 1.09
|
$ 0.47
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
-
|
(0.01)
|
0.05
|
|
-
|
-
|
0.04
|
|
|
Automotive
Sales
|
$ (2.2)
|
$ 0.3
|
$
8.4
|
|
$ (2.2)
|
$ (1.9)
|
$
6.4
|
|
|
Content Per
Vehicle
|
$
(0.63)
|
$ 0.25
|
$ 1.13
|
|
$
(0.63)
|
$
(0.19)
|
$ 0.24
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
Vehicle Production
Units
|
(0.01)
|
(0.02)
|
0.32
|
|
(0.01)
|
(0.04)
|
0.30
|
|
|
Automotive
Sales
|
$ (0.8)
|
$ (1.7)
|
$ (0.1)
|
|
$ (0.8)
|
$ (2.5)
|
$ (2.6)
|
|
|
Content Per
Vehicle
|
$
(0.06)
|
$
(0.15)
|
$
(0.32)
|
|
$
(0.06)
|
$
(0.11)
|
$
(0.17)
|
|
FORWARD LOOKING INFORMATION, RISK AND
UNCERTAINTIES
Certain information provided by Linamar in
this press release, MD&A, the consolidated financial statements
and other documents published throughout the year which are not
recitation of historical facts may constitute forward-looking
statements. The words "may", "would", "could", "will", "likely",
"estimate", "believe", "expect", "plan", "forecast" and similar
expressions are intended to identify forward-looking statements.
Readers are cautioned that such statements are only predictions and
the actual events or results may differ materially. In evaluating
such forward-looking statements, readers should specifically
consider the various factors that could cause actual events or
results to differ materially from those indicated by such
forward-looking statements.
Such forward-looking information may involve important risks and
uncertainties that could materially alter results in the future
from those expressed or implied in any forward-looking statements
made by, or on behalf of, Linamar. Some of the factors and risks
and uncertainties that cause results to differ from current
expectations include, but are not limited to, changes in the
competitive environment in which Linamar operates, OEM outsourcing
and insourcing; sources and availability of raw materials; labour
markets and dependence on key personnel; dependence on certain
customers and product programs; technological change in the sectors
in which the Company operates and by Linamar's competitors; delays
in or operational issues with product launches; foreign currency
risk; long-term contracts that are not guaranteed; acquisition and
expansion risk; foreign business risk; public health threats;
cyclicality and seasonality; legal proceedings and insurance
coverage; credit risk; weather; emission standards; capital and
liquidity risk; tax laws; securities laws compliance and corporate
governance standards; fluctuations in interest rates; environmental
emissions and safety regulations; trade and labour disruptions;
world political events; pricing concessions to customers; and
governmental, environmental and regulatory policies.
The foregoing is not an exhaustive list of the factors that may
affect Linamar's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on Linamar's forward-looking statements. Linamar
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements.
CONFERENCE CALL INFORMATION
Q4 2022 Release Information
Linamar will hold a
webcast call on March 8, 2023, at
5:00 p.m. ET to discuss its fourth
quarter results. The event will be simulcast and can be accessed at
the following URL
https://www.linamar.com/event/q4-2022-earnings-call/ and can also
be navigated to on the Company's website. For those who wish to
listen to an audio only call-in option, the numbers for this call
are (+1) 888 396-8049 (North
America) or (+1) 416 764-8646 (International) Conference ID
62240189, with a call-in required 15 minutes prior to the start of
the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and
Chief Executive Officer. A copy of the Company's quarterly
financial statements, including the Management's Discussion &
Analysis, will be available on the Company's website after
4:00 p.m. ET on March 8, 2023, and at www.sedar.com by the start
of business on March 9, 2023. The
webcast replay will be available at
https://www.linamar.com/event/q4-2022-earnings-call/ after the
call. A taped replay of the conference call will also be made
available starting at 8:00 p.m. ET on
March 8, 2023, for seven days. The
number for the replay is (+1) (877) 674-7070 or (+1) (416)
764-8692, Passcode: 240189#. In addition, a recording of the call
will be posted at
https://www.linamar.com/event/q4-2022-earnings-call/.
Q1 2023 Release Information
Linamar will hold a
webcast call on May 10, 2023, at
5:00 p.m. ET to discuss its first
quarter results. The event will be simulcast and can be accessed at
the following URL
https://www.linamar.com/event/q1-2023-earnings-call/ and can also
be navigated to on the Company's website. For those who wish to
listen to an audio only call-in option, the numbers for this call
are (+1) 888 396-8049 (North
America) or (+1) 416 764-8646 (International) Conference ID
04628605, with a call-in required 15 minutes prior to the start of
the webcast. The conference call will be chaired by Linda Hasenfratz, Linamar's Executive Chair and
Chief Executive Officer. A copy of the Company's quarterly
financial statements, including the Management's Discussion &
Analysis, will be available on the Company's website after
4:00 p.m. ET on May 10, 2023, and at www.sedar.com by the start
of business on May 11, 2023. The
webcast replay will be available at
https://www.linamar.com/event/q1-2023-earnings-call/ after the
call. A taped replay of the conference call will also be made
available starting at 8:00 p.m. ET on
May 10, 2023, for seven days. The
number for the replay is (+1) (877) 674-7070 or (+1) (416)
764-8692, Passcode: 628605#. In addition, a recording of the call
will be posted at
https://www.linamar.com/event/q1-2023-earnings-call/.
Linamar Corporation (TSX:LNR) is an advanced manufacturing
company where the intersection of leading-edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of
two operating segments – the Industrial segment and the Mobility
segment, both global leaders in manufacturing solutions and
world-class developers of highly engineered products. The
Industrial segment is comprised of Skyjack, MacDon and Salford. Skyjack manufactures scissor, boom
and telehandler lifts for the aerial work platform industry. MacDon
manufactures combine draper headers and self-propelled windrowers
for the agricultural harvesting industry. Salford also supplies the agriculture market
with farm tillage and crop fertilizer applicator equipment. The
Mobility segment is subdivided into three regional groups:
North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. In addition to the recently
formed eLIN Product Solutions Group that focuses on
Electrification, McLaren Engineering provides design, development,
and testing services for the Mobility segment. Linamar's recently
announced medical solutions group, Linamar MedTech, focuses on
manufacturing solutions for medical devices and precision medical
components. Linamar has over 28,000 employees in 66 manufacturing
locations, 14 R&D centres and 28 sales offices in 17 countries
in North and South America,
Europe and Asia, which generated sales of more than
$7.9 billion in 2022. For more
information about Linamar Corporation and its industry-leading
products and services, visit www.linamar.com or follow us on our
social media channels.
Guelph, Ontario
March 8, 2023
SOURCE Linamar Corporation