WAJAX CORP. $36.32 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $601.0 million; Dividend yield: 6.6%) sells and services cranes, forklifts and other heavy equipment. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
In the three months ended June 30, 2013, Wajax’s revenue declined 6.4%, to $362.1 million from $386.6 million a year earlier. Earnings fell 26.8%, to $13.5 million, or $0.81 a share, from $18.5 million, or $1.11.
The declines mostly came from reduced activity in the Western Canadian oil and gas industry, which hurt results at Wajax’s power systems business. Lower mining equipment and construction sales more than offset strength in the materials-handling market.
Wajax needs a recovery in Western Canadian oil and gas drilling and mining to restore its revenue and earnings growth, but its long-term outlook is positive.
Meanwhile, the company lowered its monthly dividend by 25.9% earlier this year, to $0.20 from $0.27. It made the cut to save cash until its markets rebound. The shares still yield a high 6.6%.
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