GUELPH, Ont.Linamar Corp. says it sales and income got a boost in the third quarter thanks in part to its diversification efforts away from contracts reliant on gasoline-powered vehicles.

Sales were $2.43 billion in the third quarter, up from $2.1 billion in the same quarter last year, as the industrial segment of the manufacturer grew faster than its automotive division.

Linamar says it earned $146.7 million, or $2.38 per share, in the quarter ending Sept. 30, up from $133.2 million, or $2.10 per share, last year.

Adjusted earnings were $2.21 per share, up from $1.91 last year, while analyst had expected earnings of $2.07 per share according to financial markets data firm Refinitiv.

The company says it continues to set itself up for the electric vehicle transition, including with its recent acquisition of the Mobex chassis and suspension business.

It says 57 per cent of new business contracts for its mobility division are for EVs, while 74 per cent of new business wins in the segment are either 'propulsion agnostic' or for EVs.

This report by The Canadian Press was first published Nov. 8, 2023.

Companies in this story: (TSX:LNR)

© 2023 The Canadian Press. All rights reserved., source Canadian Press DataFile