Topic: How To Invest

Power Growth Investor Hotline – Friday, August 16, 2024

Article Excerpt

WAJAX CORP., $24.36, is a buy. Through their shares, investors benefit from the company’s (symbol WJX on Toronto) sales and servicing of cranes, forklifts and other heavy equipment. Wajax also provides related parts and systems such as ball bearings, hoses, diesel engines and transmissions. The company’s customers are spread across the resources, construction, manufacturing and transportation industries. In the quarter ended June 30, 2024, overall revenue fell 3.1%, to $568.3 million from $586.2 million a year earlier. Equipment sales declined primarily as a result of the delivery of a large mining shovel in the second quarter of 2023, which did not recur this year. Excluding one-time items, Wajax earned $22.9 million, or $1.06. That was down 15.4% from $27.1 million, or $1.26. The company raised its quarterly dividend by 6.1% with the April 2024 payment, to $0.35 a share from $0.33. The stock now yields a high 5.8%. Wajax Corp. is a buy. Wajax recent coverage: April 2024 Issue Hotline for March 8, 2024 RESMED INC.,…