Canadian industrial distributor Wajax reported higher sales and earnings during its latest fiscal quarter, but one key metric was down compared to the same period last year.
The company said overall revenue rose from $401 million to $471 million year-over-year, an increase of more than 17%. Its equipment sales and industrial parts operations posted even higher results, increasing 31% and 21%, respectively, over that span.
Net earnings were up 22% in the latest quarter, while earnings per share rose 24%. When adjusted, however, the company's earnings totals moderated significantly: adjusted net earnings were up 7.7%, adjusted earnings per share rose 8.3%, and adjusted EBITDA was down in the quarter, off nearly 4% compared to the third quarter of 2021.
Wajax highlighted a record backlog heading into the final three months of the fiscal year.
"The business continues to perform strongly with robust heavy equipment sales, particularly in the construction and forestry category," Wajax President and CEO Iggy Domagalski said in a statement. He credited an expanded distribution relationship with Japanese industrial giant Hitachi for the strong equipment numbers.
Wajax industrial came in at No. 31 on ID's 2022 Big 50.