The 2020 Mid-Year Economic Update_long

Wajax Sales Down 4.3% in 1Q

Profit decreased 14.9 percent in the first quarter.

Canadian distributor Wajax Corp. (TRX: WJX), reported sales for the first quarter of $317.2 million, a 4.3 percent decrease year-over-year. Profit decreased 14.9 percent to $5.7 million.

"As expected, weakness in oil and other commodity prices had a negative effect on our customers in the mining, oil and gas and oil sands markets in western Canada, resulting in lower first quarter revenue and earnings," said Mark Foote, president and CEO. "The impact was most significant in the Equipment segment, which experienced a 17 percent reduction in parts and service revenues as oil sands operators and miners idled portions of their equipment fleets. Conversely, operating results in central Canada improved. This was particularly evident for the Equipment and Industrial Components segments where sales in those regions increased 40 percent and 12 percent, respectively."

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