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State: 17.08.2024 | 11PM
Fri, 09.08.2024       Wajax
CA9307831052

TSX Symbol:  WJX

Stronger Equipment Sales Contribute to Inventory Reduction as ERP System Implementation Reaches Major Milestone

TORONTO, August 8, 2024 /CNW/ - Wajax Corporation ("Wajax" or the "Corporation") today announced its 2024 second quarter results. All monetary amounts are in Canadian dollars unless otherwise noted.

Selected Highlights for the Second Quarter

Second quarter revenue of $568.3 million and adjusted basic earnings per share of $1.06, down from $586.2 million and $1.26, respectively, in the same quarter of the prior year;Second quarter gross profit margin of 20.9%, up from 19.9% in 2023, due to higher margins on engineered repair services ("ERS") sales, and a higher proportion of, and higher margins on, product support sales;Cash flows generated from operating activities of $35.8 million in the second quarter of 2024 compared with cash flows used in operating activities of $6.0 million in the same quarter of the prior year;Second quarter adjusted EBITDA margin of 9.6%, compared to 9.8% in 2023; andThe competitive new financing program introduced by Hitachi Construction Machinery Americas Inc. ("HCMA") effective March 1, 2024, as well as management's focus on reducing inventory levels, resulted in stronger equipment sales and lower inventory in the second quarter of 2024 as compared to the first quarter of 2024.(1)
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