(Adds CEO comment, paragraph 4)
March 8 Canadian auto parts maker Linamar Corp
on Wednesday reported a 21.8 percent increase in
quarterly profit, helped in part by the acquisition of France's
Montupet SA last year.
Linamar Corp bought Montupet in 2016 for 771 million euros
($915 million) to boost exposure to manufacturers like
Volkswagen AG and Peugeot SA.
The deal gave Linamar access to Montupet's complex aluminium
The company expects topline growth in the mid-to-high single
digits in 2017, Chief Executive Officer Linda Hasenfratz told
analysts on a conference call.
Net earnings rose to C$116.1 million ($86.07 million), or
C$1.76 per share, in the fourth quarter ended Dec. 31, from
C$95.3 million, or C$1.45 per share, a year earlier.
Analysts on average had expected earnings of C$1.66 per
share, according to Thomson Reuters I/B/E/S.
The company also raised its dividend for the fourth quarter
to 12 Canadian cents per share, from 10 Canadian cents.
Sales rose 10.6 percent to C$1.37 billion in the quarter,
missing estimates of C$1.41 billion.
($1 = 1.3489 Canadian dollars)
(Reporting By Allison Lampert in Montreal and Vishaka George in
Bengaluru; Editing by Matthew Lewis)