WAJAX CORP. $37.46 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $627.2 million; Dividend yield: 6.4%) sells and services cranes, forklifts and other heavy equipment. It also provides related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
The company’s customers are in the natural resource, construction, manufacturing and transportation industries.
In the three months ended December 31, 2013, Wajax’s revenue rose 7.3%, to $391.7 million from $364.9 million a year earlier. The gain mostly came from stronger sales of equipment for forestry, construction and power generation.
However, earnings fell 13.9%, to $12.2 million, or $0.73 a share, from $14.2 million, or $0.85. Wajax’s sales volumes rose, but it sold less-profitable products than a year ago.
Still yielding a high 6.4%
Meanwhile, the company lowered its monthly dividend by 25.9% last year, to $0.20 from $0.27. It made the cut to save cash until its markets rebound. However, the shares still yield a high 6.3%.
Wajax needs a recovery in Canadian oil and gas drilling and mining to restore its revenue and earnings growth, but its long-term outlook is positive.
The company’s long-term debt of $195.9 million is a reasonable 31.2% of its market cap. Wajax trades at 13.3 times its forecast 2014 earnings of $2.82 a share.
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