Wajax reported slightly higher revenue and dramatically improved earnings in its latest quarter, but its industrial parts segment was flat year-over-year.
The Canadian equipment and industrial products provider earlier this month reported $483.1 million in revenue in the third quarter, up 0.4% compared to the same period in 2024.
The company’s industrial parts business – the largest of its five reporting segments – again came in at $136.4 million. Equipment sales, product support and equipment rental revenue each slipped in the latest quarter, while its engineered repair services climbed by 3.5%.
Wajax posted net earnings of $16.7 million in the quarter, up from $6.4 million last year, and company officials highlighted a gross margin that rose by 160 basis points over that span to 20.8%.
The company said that its “broader end-market environment remains challenging” and that U.S.-Canada trade remained “uncertain,” although demand was strong among its mining and energy customers.
“While tariffs have had only a minimal direct impact on our business, they have affected some of our customers more significantly,” the company said in the earnings release.
Iggy Domagalski, Wajax’s outgoing president and CEO, said that the “steady” Q3 performance reflected the company’s efforts to “drive margin improvement, maintain disciplined cost control and sustain focus on inventory optimization.”
Wajax’s industrial business ranks at no. 27 on ID’s 2025 Big 50 list.
