Mississauga, Ontario-based Wajax Corp. announced its 2023 second quarter financial results on Aug. 10, showing continued strong growth for in its Industrial Parts business unit.

That unit had 2Q revenue of $155 million CAD ($115M USD), up 15.7% year-over-year. It follows 1Q growth of 18.6%.

Overall, Wajax posted total 2Q revenues of $586M CAD ($436M), up 15.9% year-over-year. The company’s 2Q net profit of $29 million CAD ($21.6M USD) jumped 33.5% from a year earlier, while adjusted EBITDA of $57 million CAD ($42.5M USD) increased 26.6%.

Wajax’s 2Q gross margin of 19.9% decreased 20 basis points year-over-year, which was primarily driven by lower product support and Industrial Parts margins.

The company also shared that André Dubé was appointed as Senior Vice President of the Industrial Parts and Engineered Repair Services segments, effective June 23.

Wajax’s 2Q included the early July acquisition of Alberta-based Polyphase Engineered Controls by subsidiary Tundra Process Solutions, which the company expects to boost Wajax’s Industrial Parts capabilities.

Wajax charted at No. 41 on MDM’s 2023 Top Industrial Distributors List on account of its $397 million in fiscal 2022 Industrial Parts revenue, along with No. 19 for MRO distributors.