Wajax Corp. saw a 6.6% decline in its industrial parts revenue in the first quarter of the year, but the company’s overall revenue jumped by more than 15% amid sharply higher equipment sales.
Company officials, however, said that Wajax expects headwinds and soft market conditions to persist amid concerns about the impact of U.S. tariffs.
The Toronto-based distributor and equipment provider posted $144.7 million Canadian in revenue tied to industrial parts, down from $154.9 million in the first quarter of 2024.
Wajax as a whole reported revenue of $555 million Canadian, up 15.1% year-over-year. The company’s engineered repair services business joined industrial parts in reporting a quarterly decline, but its other three segments saw growth — including its two largest: product support, up 9%, and equipment sales, up 74.2%.
Wajax’s net earnings were down 10.9%, although they were up 16.3% on an adjusted basis. Its gross profit margin, meanwhile, slipped by 290 basis points to 19.1%, which officials attributed in part to a higher proportion of equipment sales relative to industrial parts, equipment repair and product support revenue.
“While business and economic uncertainty remains high, particularly around tariffs and counter-tariffs on Canada-U.S. trade, management is closely monitoring changes to tariff policies and continues to make proactive adjustments to mitigate their effects,” Wajax President and CEO Iggy Domagalski said in a statement.
Wajax’s industrial operations came in at no. 32 on ID’s 2025 Big 50 list.
