Toronto-based heavy equipment and industrial parts distributor Wajax Corp. achieved “record” revenue in 2022, the company announced March 6 when reporting its 2022 fourth-quarter and full-year earnings.

Wajax posted 4Q revenue of C$541.3 million ($400.6 million USD), a 34.4% increase year-over-year. Revenue in Wajax’s Industrial Parts segment rose 26.9% to C$137.9 million ($102 million) in 4Q while equipment sales jumped 68.8% to C$202.2 million ($149.6 million). Wajax’s 4Q net earnings of C$16.6 million ($12.3 million) increased 108.9% over 4Q 2021.

For the full year 2022, Wajax had revenue of C$1.963 billion ($1.45 billion USD), up 19.9% from 2021. Industrial parts revenue of C$535.8 million ($396.5 million USD) increased 22.3% from 2021 and equipment sales of C$628.6 million ($465.2 million USD) rose 29.8%.

Wajax ranked as the No. 4 Power Transmission/Bearings Distributor, No. 18 MRO Industrial Distributor and No. 38 Industrial Distributor on MDM’s 2022 Top Distributors lists on account of its Industrial Parts segment revenue.

The company’s record performance in 2022 was bolstered by its expanded relationship with Hitachi, Wajax President and CEO Iggy Domagalski said in the report.

“In addition to benefiting from our enhanced relationship with Hitachi, industrial parts and engineered repair services sales demonstrated robust year-over-year growth due, in part, to elevated commodity prices and sustained capital spending by customers across all regions,” Domagalski said. “Our strong balance sheet gives us the flexibility to invest in our expanded Hitachi relationship, additional organic initiatives and acquisition opportunities to help drive future growth.”