WAJAX CORP. $39.60 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $661.3 million; Dividend yield: 8.2%) sells and services heavy equipment, including cranes and forklifts. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
Wajax operates through 118 dealerships across Canada. Its customers are in the natural resource, construction, manufacturing, industrial processing and transportation industries.
In the quarter ended September 30, 2012, Wajax’s revenue fell 1.5%, to $356.4 million from $361.9 million a year earlier. Earnings fell 9.4%, to $16.2 million, or $0.97 a share, from $17.9 million, or $1.08 a share.
The declines mostly came from reduced activity in the western Canadian oil and gas industry, which hurt results at Wajax’s Power Systems division. That was partly offset by strength in the construction market.
The stock trades at just 11.0 times this year’s forecast earnings of $3.60 a share. It yields a high 8.2%.
Wajax’s prospects are closely tied to Canada’s economic growth, but the company’s outlook remains positive.
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