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Canadian distributor Wajax Corp. (TRX: WJX), reported sales for the first quarter ended March 31 of $342.7 million, a 7.3 percent increase year-over-year. Profit increased 57.1 percent to $9.9 million.
“In 2018, Wajax expects year-over-year adjusted net earnings to increase, due primarily to organic revenue growth," said Mark Foote, CEO and president of Wajax. "Given the Corporation’s plans to increase market share in highly competitive categories, gross margins are expected to be under pressure."