This leading forklift supplier has expressed confidence in its ability to sustain its dividend despite weaker sales.
WAJAX CORP. (Toronto symbol WJX; www.wajax.ca) sells and services cranes, forklifts and other heavy equipment. It also provides related parts and systems such as ball bearings, hoses, diesel engines and transmissions.
Wajax’s customers are spread across the resources, construction, manufacturing and transportation industries.
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In the three months ended September 30, 2016, the company’s revenue fell 1.5%, to $286.6 million from $290.9 million a year earlier. The slowdown in Canada’s energy sector hurt sales for its power systems business.
Wajax made $7.6 million in the latest quarter, or $0.38 a share. That’s virtually unchanged from a year earlier. The latest results include $1.0 million in pre-tax insurance proceeds related to the Fort McMurray wildfires, but the year-earlier quarter reflected a $2.8 million gain from asset sales.
The company’s latest restructuring efforts contributed to its earnings in the most recent quarter. Introduced early last year, the plan aims to reduce Wajax’s workforce by 10%. The net gain in the quarter from those cost cuts was about $3.0 million. Total savings in 2016 was likely about $8 million. Wajax expects annual savings of about $15 million, starting this year.
The ongoing restructuring should also result in earnings of $1.52 a share for 2017. The stock now trades at 15.8 times that forecast, and the shares yield 4.2%. The company believes its dividend rate is sustainable.
Recommendation in Stock Pickers Digest: Wajax is still a BUY
Wajax has always held promise, but their debt is crippling. so for a safe 4.2% along with the safety and prospect of int’l growth, wouldnt any bank be a better and more prudent choice, like CIBC? Wajax has little business outside of Canada, and with the slow and continuing decline of the industrial sector, long term prospects seem dim. In this case for WJX, Im not sure the trend is your friend, but it is telling.
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Wajax has always held promise, but their debt is crippling. so for a safe 4.2% along with the safety and prospect of int’l growth, wouldnt any bank be a better and more prudent choice, like CIBC? Wajax has little business outside of Canada, and with the slow and continuing decline of the industrial sector, long term prospects seem dim. In this case for WJX, Im not sure the trend is your friend, but it is telling.