Wajax Corp. on Thursday announced increases in revenue, earnings and profit margin in its latest quarterly financial report.
The Canadian industrial supplier highlighted second-quarter revenue of $511 million, up 14.6% from the $446 million in the same period last year. Equipment sales comprised the largest component of that total at $172 million, followed by industrial parts at $134 million and product support at $122 million.
Net earnings climbed from $18 million to nearly $22 million year-over-year, while gross profit margin edged up to more than 20%. The company said its backlog was nearly $535 million.
Wajax President and CEO Iggy Domagalski said the company benefited from strong commodity prices and capital spending despite rising interest rates and continued supply chain issues. He also said the company’s leverage ratio provides “ample capacity to pursue our acquisition programs.”
“We are very pleased with these results and the continued strong performance of the business, and we look forward to continuing our focus on growth and delivering an excellent experience for our customers and employees,” Domagalski said in a statement.