09.03.2016

Another record year for Skyjack

Skyjack owner Linamar has published preliminary numbers for 2015, which show that its Industrial division, which is largely Skyjack, increased revenues by 23 percent to C$852 million ($642 milliion), a new record. Operating profit for the same period increased 42 percent to C$156.2 million ($118 million)

Higher sales resulted from favourable foreign exchange rates shifts, significant market share growth for boom lifts in North America, Europe and Asia Pacific, improved scissor lift market share in Asia Pacific – offset by lower scissor lift sales in North America, but helped by higher telehandler sales in the region.

The exchange rate also helped boost margins, along with higher volumes, partly offset by higher sales and management costs.

In the fourth quarter sales increased by a more modest 15.8 percent to C$142.5 million ($107 million) while operating profits were 45 percent higher at C$20.3 million ($15.3 million)

Linamar chief executive Linda Hasenfratz said: “We are thrilled to deliver another record year on sales and earnings at Linamar, our fifth consecutive year of doing so. Financially we again saw strong, industry leading double digit top and bottom line growth. Strategically, we have made enormous progress in 2015 in our vertical integration strategy, successfully acquiring or joint venturing with three world leading forging and aluminium casting companies. We are perfectly positioned for continued exciting market share growth driving continued exceptional performance in 2016 and beyond.”

Linamar as a whole reported full year revenues of C$ 5.2 billion ($3.9 billion)- 24 percent higher in than in 2014, while net earnings increased 36 percent to C$436 million ($329 million).

Vertikal Comment

Another excellent set of numbers from Skyjack, the company really has momentum now and is beginning to eat into the market share of the two majors. Sales of boom lifts appear to be gathering pace just as the American scissor lift market began to enter a slower period. And with plenty of market share to go after for both booms and telehandlers there is no reason not to except the growth to continue in 2016.