LNR as been a painfull hold but i am still a beleiver in Linda and her group
Linamar estimates narrower-than-expected Q2 loss
2020-07-17 17:19 ET - News Release
Ms. Linda Hasenfratz reports
LINAMAR CORPORATION Q2 RESULTS MATERIALLY BETTER THAN PREVIOUSLY EXPECTED
Linamar Corp. is providing an update to the information disclosed in its first-quarter 2020 investor call, held on May 13, 2020.
On that call, Linamar stated that the expected loss for second quarter 2020, given what was known at the time regarding the unique circumstances of the global COVID-19 pandemic, would likely be higher than the earnings reported for Q1 2020 for a negative first half.
Multiple factors in play throughout the second quarter have resulted in the loss for Q2 at a level less than expected:
- North American automotive OEMs (original equipment manufacturers) ramped back up faster than had been expected to replenish low inventories;
- Global crisis cost-reduction initiatives yielded stronger and quicker results than expected;
- Utilization of support programs offered in global jurisdictions where the company operates not anticipated.
"Although still clearly not a profit, the second-quarter loss is not as deep as originally expected," said Linamar chief executive officer Linda Hasenfratz. "We are pleased with the result but are not diverting our focus on cost and cash given continued market uncertainties. We look forward to a more fulsome discussion of our results at our upcoming Q2 earnings call on Aug. 6."