04:32 PM EDT, 05/08/2024 (MT Newswires) -- Linamar ( LIMAF ) on Wednesday said its first-quarter profit rose 31%, topping expectations, on higher sales.

The company, which operates two segments, industrial and mobility, said adjusted net earnings, excluding most one-time items, rose to $160 million, or $2.59 per share, from $121.7 million, or $1.98, in the year-prior quarter. The results topped the consensus analyst estimate for the measure of $2.06 per share, according to Capital IQ.

Sales were up 18%, to $2.72 billion, from $2.3 billion, and beating the Capital IQ consensus forecast of $2.65 billion.

A dividend of $0.25 was declared, payable around June 7 to shareholders of record on May 27.

"Q1 marked an outstanding start to the year for us at Linamar ( LIMAF ), with excellent double digit growth in both segments setting the baseline for yet another year of double digit earnings growth", chief executive Linda Hasenfratz said in a statement, "With Industrial segment earnings consistently generating half or more of our earnings we can mark a successful transition of Linamar ( LIMAF ) to a Diversified Industrial Business."

The company's shares closed up C$0.92 to C$65.79 on the Toronto Stock Exchange.