Wajax's 'Excellent' 3Q Includes 17.3% Rise in Revenue - Modern Distribution Management

Wajax’s ‘Excellent’ 3Q Includes 17.3% Rise in Revenue

The Canadian industrial distributor says it continued to see overall strength in its backlog, which increased to more than $558 million.
Wajax

Toronto, Ontario-based industrial distributor Wajax Corp. on Nov. 7 reported $470.8 million in revenue for the third quarter of 2022, a 17.3% increase over the same period last year.

Equipment sales in 3Q rose 30.8% to nearly $137 million, while industrial parts rose 21.2% to $134.7 million, Wajax announced. Net earnings for the quarter were $18 million, a 22.4% jump over 3Q 2021.

Wajax ranks No. 36 on MDM’s list of Top Industrial Distributors.

“Wajax delivered excellent operational results in the third quarter, with revenues of $470.8 million and adjusted EBITDA of $39.1 million,” said Iggy Domagalski, President and CEO. “The business continues to perform strongly, with robust heavy equipment sales, particularly in the construction and forestry category. This is due in part to our expanded direct distribution relationship with Hitachi, which took effect on March 1, 2022. To date, we have been exceptionally pleased with the growth enabled by this enhanced relationship with Hitachi, and continue to see even further potential, expecting that the relationship will continue to expand and drive greater equipment sales and product support revenue.”

During 3Q, Wajax also said it continued to see overall strength in its backlog, which increased to a record $558.8 million.

“This momentum is being driven by sound fundamentals in many of our key markets, supported by higher commodity prices and capital spending as customers work to source equipment and services that were constrained during the COVID-19 pandemic,” Domagalski said.

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