CA - Linamar Corporation (LIMAF) Q1 2024 Earnings Call Transcript
2024-05-11 01:00:24 ET
Linamar Corporation (LIMAF)
Q1 2024 Earnings Conference Call
May 08, 2024, 05:00 PM ET
Company Participants
Linda Hasenfratz - Executive Chairman and Chief Executive Officer
Dale Schneider - Chief Financial Officer
Jim Jarrell - President and Chief Operating Officer
Mark Stoddart - Chief Technology Officer & Executive Vice President of Sales and Marketing
Conference Call Participants
Jonathan Goldman - Scotiabank
Krista Friesen - CIBC
Brian Morrison - TD Cowen
Michael Glen - Raymond James
Tamy Chen - BMO Capital Markets
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to the Linamar Q1 2024 Earnings Conference Call. At this time all lines are in listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded today Wednesday, May 8, 2024.
I would now like to turn the conference over to Linda Hasenfratz, Executive Chair and CEO. Please go ahead.
Linda Hasenfratz
Thank you. Good afternoon everyone, and welcome to our first quarter conference call. Joining me this afternoon are members of our senior team, Mark Stoddart, Dale Schneider, Elliot Burger, Kevin Hallahan, and some members of our corporate IR, marketing, finance, and legal teams.
Before I begin, I'll draw your attention to the disclaimer that is currently being broadcast. I'll start off with a high-level review of the quarter. Q1 was an excellent quarter and a strong start to what looks to be another solid year for us at Linamar. Financially, we once again have delivered double-digit top and bottom line growth for the quarter. And on a 12-month basis, I'm very pleased to report that we have exceeded $10 billion in annual sales, a goal that we set for ourselves way back in 1999 when we were approaching $1 billion in sales. What an exciting milestone to achieve. I am so proud and grateful to our incredible team at Linamar to have made that happen.
Strategically, we also achieved a milestone with the completion of our Bourgault acquisition announced late last year. Integration has begun, and we are very excited to welcome the Bourgault team to the Linamar team. Markets are flat to modestly growing this year, but market share growth in both segments is driving record sales in the quarter. And finally, on the innovation and new business side, we are seeing continued new business wins in the balance of technology and propulsion areas, and new award-winning innovations getting market attention....
Linamar Corporation (LIMAF) Q1 2024 Earnings Call Transcript