Wajax Corp. on Tuesday reported declines in its quarterly and annual industrial parts sales, while its overall earnings plummeted across both timeframes.
The Canadian industrial distributor and equipment provider — whose industrial business came in at no. 32 on ID’s 2024 Big 50 — posted $572 million Canadian in industrial parts revenue in 2024, down 5.5% from the $605 million reported in 2023. That included a 1.7% year-over-year decline to $133.6 million in the fourth quarter of the year.
Wajax’s total revenue climbed 4.3% in the quarter to $566 million Canadian, but its annual revenue nonetheless fell 2.6% short of 2023 levels at nearly $2.1 billion Canadian.
The company’s earnings totals, meanwhile, were down dramatically: net earnings in the quarter were off by more than 90%, while adjusted net earnings and adjusted EBITDA declined by 58% and 26%, respectively. Full-year net earnings were down by more than 47%.
Wajax President and CEO Iggy Domagalski said increased competitive pressures, sliding customer demand and “business and economic uncertainty” combined for a “challenging year” following record results in 2023. The company implemented cost-savings initiatives in the second half of the year, which helped its Q4 expenses and cash flow levels.
The company expects continued strong demand in its mining and energy segments in the first half of the current year, but officials anticipate headwinds elsewhere amid soft market conditions and the uncertainty of "tariffs and counter-tariffs” between the U.S. and Canada.
