Wajax Corporation (NYSE: WJX.TO), Toronto-based industrial supplies distributor, reported its 2024 third-quarter sales were $481 million, down 5.6% from the prior-year period.
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Profit was $6.4 million, down 72.6% from a year ago.
Year-to-date sales were $1.5 billion, down 5% from 2023, while profit fell 40.2% to $41.8 million.
“Equipment sales in the quarter increased 4.5% over the prior year, despite the delivery of a large mining shovel in the third quarter of 2023, which did not recur this year,” said Iggy Domagalski, Wajax’s president and CEO. “Softer than anticipated market conditions, resulting from reduced customer demand, together with increased competitive pressure, contributed to lower product support and industrial parts revenue and margins.”
Wajax also announced the planned retirement of CFO Stuart Auld, effective March 4, 2025. Tania Casadinho has been tapped as his successor.
“Since joining Wajax in 2018, Tania has been a strong leader, taking on progressively more responsibility and challenge,” said Domagalski. “Among other things, she has significantly improved our budgeting and forecasting processes and introduced new analytical tools; she has also worked closely with senior leaders across the company and contributed greatly to our strategic planning process.”
