04:14 PM EST, 03/06/2024 (MT Newswires) -- Linamar ( LIMAF ) on Wednesday said its fourth-quarter profit before items rose 23% on higher sales as it raised its dividend by 14%.

The diversified manufacturer, which makes auto parts, construction and agricultural equipment said its normalized earnings, which exclude most one-time items, rose to C$122.2 million, or C$1.98 per share, in the period, from C$99.5 million, or C$1.61, in the year-prior quarter, The result exceeded the consensus analyst forecast of a C$1.74 per share result.

Net income, which includes items, rose 13% to C$104.4 million, or C$1.69, from C$92.2 million, or C$1.49.

Sales rose 19% to C$2.45 billion from C$2.06 billion.

"2023 was another incredible year for us at Linamar ( LIMAF ) with excellent successes seen across all our businesses. We drove to record sales on the back of growing market share in every business, helped by acquisitions ... We are looking forward to another solid year of double digit top and bottom line growth in 2024," chief executive Linda Hasenfratz said in a release.

Linamar ( LIMAF ) is raising its quarterly dividend to C$0.25 per share from C$0.22, with the first higher payout made April 15 to shareholders of record on March 28.

Linamar ( LIMAF ) shares closed up C$0.37 to C$63.55 on the Toronto Stock Exchange.