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Mississauga, Ontario-based Wajax Corp. reported its 2018 first quarter financial results earlier this week, showing solid year-over-year (YoY) growth, while it's industrial parts segment — Wajax Industrial Components — saw a modest decrease.

As a whole Wajax reported Q1 total sales of $342.7 million, up 7.3 percent YoY, while profit of $9.9 million jumped 57.1 percent.

At Wajax Industrial Components, Q1 sales of $69.2 million were essentially flat, dipping 0.8 percent YoY, while increasing 7.2 percent sequentially from Q4 2017. The company attributed the minor decrease to lower process equipment sales in all regions, partially offset by higher hydraulic sales.

Wajax's largest business segment — Equipment Sales — posted Q1 revenue of $95.3 million, up 25.7 percent YoY, which the company attributed to higher construction sales in all regions. Wajax's Product Support segment Q1 sales of $83.3 million decreased 3.9 percent, which the company attributed to lower construction sales in all regions and lower on-highway transportation sales in cental Canada.

"In 2018, Wajax expects year-over-year adjusted net earnings to increase, due primarily to organic revenue growth," Wajax president and CEO Mark Foote said. "Given the Corporation’s plans to increase market share in highly competitive categories, gross margins are expected to be under pressure."

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