Companywide, Wajax said 2023 third quarter revenue was $369.13 million (USD), up 8.3% over the same period in 2022.
On Nov. 9, Mississauga, Ontario-based Wajax Corp. announced its 2023 third quarter financial results, which showed continued impressive growth for in its Industrial Parts business unit.
The Industrial Parts segment reported $116.5 million (USD) in revenue for the latest quarter, a 19.4% increase over the $97.55 million (USD) reported in 3Q 2022. For the first nine months of 2023, the unit reported $339.7 million (USD) in revenue, a 17.9% increase versus the $288.17 million (USD) posted during the first three quarters of 2022.
Companywide, 3Q revenue was $369.13 million (USD), up 8.3% over 3Q 2022. Third quarter adjusted EBITDA was $36.21 million (USD), up 28% over 2022. In addition, 3Q adjusted net earnings were $14.99 million, up 24.4% over 2022.
In September, Wajax announced it had acquired Sault Te. Marie, Ontario-based Beta Fluid Power Ltd. and Beta Industrial Ltd. Two months prior, the company announced that its wholly-owned subsidiary, Tundra Process Solutions Ltd., had acquired custom electrical and instrumentation equipment producer Polyphase Engineered Controls Ltd.
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Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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