Skyjack reports strong Q1 results
By Lindsey Anderson07 May 2021
First quarter 2021 sales for Linamar’s industrial segment, which includes Skyjack and MacDon, increased 16.5 percent or C$49.3 million to C$348.3 million for the three months ending March 31. Skyjack’s core North American market was up 7.7 percent for Q1 and Linamar said it expects the access equipment manufacturer to experience double digit growth both this year and in 2022.
Sales were boosted by “strong North American demand and market share gains at Skyjack for access equipment,” Linamar said, noting markets are recovering in both North America and the EMEA, which was up 6 percent. China, on the other hand, “outpaced” Linamar’s expectations, jumping 70 percent. Linamar attributed the massive increase to the previous year’s pandemic-related shutdown and lower sales, and forecasts the region’s full-year results to be up 8 percent compared to 2020.
The company is forecasting Skyjack’s North American growth will increase 20 percent for the full year compared to 2020, with the EMEA forecasted at 22 percent.
Linamar as a whole reported 15 percent sales growth for Q1 at C$1,781.9 million, up C$232.1 million from C$1,549.8 million in Q1 2020.
“We have come out of the gate very strong in 2021 with earnings up dramatically, double digit sales growth and continued free cash flow.” said Linamar CEO Linda Hasenfratz, “New business wins are off to a strong start, notably on the electric vehicle side, and we continue to be in a very strong position in terms of cash and our balance sheet. We continue to play a leading role as well in fighting the pandemic with regular testing of employees, an active vaccination clinic and other community support initiatives. Vaccinations and testing are how we get through these next months, it is critical we all step up to take part.”