On Nov. 9, Mississauga, Ontario-based Wajax Corp. announced its 2023 third quarter financial results, which showed continued impressive growth for in its Industrial Parts business unit.
The Industrial Parts segment reported $116.5 million (USD) in revenue for the latest quarter, a 19.4% increase over the $97.6 million (USD) reported in 3Q 2022. For the first nine months of 2023, the unit reported $339.7 million (USD) in revenue, a 17.9% increase versus the $288.2 million (USD) posted during the first three quarters of 2022.
Companywide, 3Q revenue was $369.1 million (USD), up 8.3% over 3Q 2022. Third quarter adjusted EBITDA was $36.2 million (USD), up 28% over 2022. In addition, 3Q adjusted net earnings were $15.0 million, up 24.4% over 2022.
In September, Wajax announced it had acquired Sault Ste. Marie, Ontario-based Beta Fluid Power Ltd. and Beta Industrial Ltd. Two months prior, the company announced that its wholly-owned subsidiary, Tundra Process Solutions Ltd., had acquired custom electrical and instrumentation equipment producer Polyphase Engineered Controls Ltd.
On MDM’s 2023 Top Distributors Lists, Wajax ranks No. 41 among industrial distributors.
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