Canadian distributor Wajax Corp. (TRX: WJX), reported sales for 2014 of $1.5 billion, a 1.6 percent increase compared to the previous year. Profit decreased 13.6 percent to $41.2 million.
In the fourth quarter, sales were $386.1, a decrease of 1 percent compared to the same period a year ago. Profit decreased 8.2 percent to $11.2 million.
"Ongoing weakness in oil and other commodity prices is anticipated to have a negative effect on our customers in the mining, oil and gas and oil sands markets which represented 28 percent of our total revenue in 2014," said Mark Foote, president and CEO. "In an effort to minimize the impact on profitability and leverage in the short-term, all divisions are prudently reducing costs in affected areas and closely managing working capital as customer demand patterns become more firmly established."
