Linamar Corp. has reported a double-digit increase in profit in the first quarter, driven mainly by its industrial business.
The second-largest Canadian auto-parts maker said profit jumped to $145.1-million in the three months ended March 31, up 15 per cent from $126.4-million a year earlier. Share profit rose to $2.20 from $1.92.
Operating profit in the industry segment, which makes scissor lifts and other construction products, soared 63 per cent to $45.8-million.
The company’s auto-parts business, which makes engine and transmission components, reported an operating profit increase of 2 per cent to $146.4-million.
Auto makers are looking at outsourcing components of engines and transmissions that they now make themselves, which should provide more opportunities for Linamar, chief executive officer Linda Hasenfratz said in a statement.