Posted May 7, 2019

Wajax sales rise 9 percent

Wajax reported that revenue in the first quarter of 2019 increased 9 percent to $374.6 million from $342.4 million in the first quarter of 2018.

Net earnings of $7.9 million, or 39 cents per share, compared to $9.3 million, or 48 cents, in the same period of 2018.

"Revenue growth of 9% resulted from increased sales in product support, ERS and industrial parts that more than offset a year-over-year decline in new equipment sales. Equipment sales declines were primarily due to western Canada and were partially offset by equipment sales strength in eastern Canada," said Mark Foote, president and chief executive officer.

The Toronto-based diversified industrial products and services provider also announced that Stuart Auld assumed the role of senior vice president, finance and chief financial officer. Auld joined Wajax's senior leadership team in 2014 and was most recently the corporation's senior vice president, human resources and information systems. In addition to his new role, Auld will retain responsibility for the corporation's information systems. Prior to joining Wajax, Auld's career included 30 years of senior finance experience at companies including the Hudson's Bay Company and Canadian Tire Corporation. Auld is a Chartered Accountant.