Wajax Corporation (NYSE: WJX.TO), industrial supplies distributor based in Toronto, reported its sales for 2024 were $2.1 billion (Canadian), down 2.6% from 2023. Profit for the year was $42.8 million, a decrease of 47.2%.
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Fourth-quarter 2024 sales were $565.9 million, up 4.3% from the prior-year period. Profit for the quarter was $1 million, down 90.7%.
“Following two years of robust market conditions, 2024 proved challenging as customer demand declined across several key segments and was further impacted by business and economic uncertainty as the year went on,” said Iggy Domagalski, Wajax’s president and CEO.
Domagalski said that the company will “continue to execute initiatives to right-size inventory, reduce costs and drive margin improvement” in 2025.
Wajax employs more than 3,000 people at more than 120 branches across Canada.
