RERMAG

Wajax Revenues Jump 23 Percent in Third Quarter

Canadian distributor Wajax posted consolidated third-quarter revenue of CDN $361.9 (about U.S. $359 million), a 23-percent increase compared with CDN $294.4 million in last year’s third quarter. For the first nine months of the year, Wajax’s revenue was CDN $999.9 million, compared with $794.5 million for the first nine months of 2010, a 25.9-percent jump.

The equipment division posted CDN $177.9 million in revenue for the third quarter compared with $144.9 million in the year-ago period, a 22.8-percent increase, with a 24.7 percent year-over-year boost for the nine-month period, to CDN $493.6 million. Industrial components sales rose 14 percent on higher revenue from energy, mining and industrial customers from all regions.

“We continue to be very pleased with our 2011 results,” said Wajax president and CEO Neil Manning. “The third-quarter improvement in pre-tax earnings was driven by robust energy, mining, forestry, and construction markets, particularly in western Canada. As well, results from the Harper acquisition continue to meet our expectations. While our September 30th backlog has diminished slightly, quoting activity, particularly in western Canada, remains strong.

“For the remainder of the year, we are not anticipating that the uncertainty relating to current world events will have a significant impact on our end markets and we expect pre-tax earnings to continue to be ahead of last year, but at a lower rate of increase than experienced in the first nine months.”

Wajax Corp. is a leading Canadian distributor and service support provider of equipment, industrial components and power systems, operating through a network of 117 branches across Canada. Also a major player in the rental market, Wajax, based in Mississauga, Ontario, is No. 41 on the RER 100.

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