Mississauga, Canada-based Wajax Corp. reported its 2017 second quarter fiscal results on Friday, which showed solid improvement in its industrial products segment — Wajax Industrial Components.
Wajax posted total Q2 sales of $325.3 million, down 3.4 percent year-over-year. The company's Q2 2016 included approximately $20 million in mining equipment sales that were not repeated in Q2 2017. Factoring those sales in, the company's Q2 2017 sales increased 2.7 percent YoY, which it attributed to:
- higher construction equipment sales in central and western Canada
- higher bearing and power transmission sales in eastern Canada
- higher hydraulic sales in western Canada
- higher construction and mining parts and services sales in western Canada
- higher on-highway parts and service sales in all regions
Wajax's total Q2 2017 profit of $7.3 million improved $3.3 million from a year earlier.
At Wajax Industrial Components, Q2 sales of $87.0 million improved 5.3 percent YoY. Through the first six months of 2016, sales of $176.6 were up 8.2 percent from a year earlier. The company said the Q2 increase was primarily due to increased bearings and power transmission sales in eastern Canada and increased hydraulics sales in western Canada.
"Industrial parts sales and product support volumes improved broadly, reflecting excellent work by our team to meet customer demand," Wajax president and CEO Mark Foote said. "Although second quarter results continue to show year-over-year improvement, we expect that most major resource and industrial markets will remain under ongoing spending constraints and margin pressures through the remainder of 2017.'