WAJAX CORP. $35.12 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.8 million; Market cap: $586.4 million; Dividend yield: 6.8%) 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 March 31, 2014, Wajax’s revenue fell 1.5%, to $331.4 million from $336.3 million a year earlier. The decline mostly came from weakness in oil and gas and mining markets.
Earnings fell 36.0%, to $6.7 million, or $0.40 a share, from $10.4 million, or $0.62. Wajax’s sales volumes fell, and the company incurred higher severance and interest costs.
Yield still high despite cut
Meanwhile, Wajax 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 current dividend…
Privacy Policy and Terms of Use
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Changes to this Policy
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