WAJAX CORP. $45.65 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $762.3 million; Dividend yield: 7.1%) 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 117 dealerships across Canada. Its customers are in the natural resource, construction, manufacturing, industrial processing and transportation industries.
In the three months ended June 30, 2012, the company’s revenue rose 15.7%, to $386.6 million from $334.1 million a year earlier. That was largely due to increased sales of mining equipment and record sales of Hitachi construction excavators in western Canada. Those gains offset lower sales of power systems to western Canadian oil and gas drillers.
Earnings and cash flow keep rising
Earnings rose 11.7%, to $18.5 million, or $1.11 a share, from $16.5 million, or $0.99 a share. Cash flow per share rose 15.4%, to $1.87 from $1.62.
The stock trades at just 11.5 times this year’s forecast earnings of $3.96 a share.
The company raised its monthly dividend by 35% with the March 2012 payment, to $0.27 a share from $0.20. The stock now yields a high 7.1%.
Wajax’s prospects are closely tied to Canada’s economic growth, and in particular the resource sector. But the company’s outlook remains strong.
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