Skyjack looks for double-digit growth
18 August 2023
Linamar’s Industrial division, which includes Skyjack and MacDon, saw its 2022 second quarter sales increase by 54% or CAD$272.7 million to reach CAD$777.3 million for the three months ending June 30, 2023. The sales increase for the quarter was due to higher access and agricultural equipment sales driven by growth in the global markets, according to Linamar.
Speaking during an investors call, Linamar CEO Linda Hasenfratz said, “Rental company demand for equipment is strong as companies continue to look to counter fleet aging experience during [the global pandemic.]
“Equipment utilization in North America is well ahead of 2022 throughout the first half of the year, in line with or exceeding peaks that we saw in 2019. Utilization levels in Europe are well above 2022 levels as well, and also exceeding 2019 peaks. Our backlog at Skyjack is solid and with some relief on the supply chain side, we are increasingly enabled to deliver on such. With market and market share growth, we feel confident we can again grow Skyjack in double digits this year and next year. We’re, of course, keeping a close eye on potentially shifting market conditions in the event of an economic slowdown.”
Looking at the markets in more detail, the North American access market was up 27% in Q2 and the EMEA access market was up 11%, while Asia saw the access market up 26%. Linamar expects North America and the EMEA regions to see near double-digit growth in 2023, with Asia expected to be up 13%.
Skyjack also noted it increased capacity significantly in Asia as well as in North America to accommodate demand.
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