Canadian industrial distributor Wajax Corp. (TSX: WJX) reported that revenue in the first quarter of 2022 increased 13.5% to $439.5 million compared with the same quarter in 2021.
The company’s 1Q net earnings also rose to $16.1 million from $12.5 million a year prior. Adjusted earnings per share jumped from $0.59 to $0.73.
“During the first quarter, Wajax delivered strong revenue of $439.5 million, an increase of 14% year-over-year, and improved gross profit margins,” said Iggy Domagalski, president and CEO. “Our leverage ratio further decreased to 1.24 times and we recorded record quarter end backlog of $540.1 million. We are pleased with these results and the continued strong performance of the business, and we look forward to engaging with shareholders at our upcoming annual meeting.”
A gross profit margin of 21.3% in 1Q 2022 increased 1.7% compared to gross profit margin of 19.6% in the same period of 2021.