Canadian distributor and rental company Wajax Income Fund this week posted a 25.6-percent year-over-year third-quarter revenue increase, with CA$294.6 in third-quarter 2010 revenue (about U.S. $293.6 million) compared with CA$234.6 million for the third quarter of 2009. Revenues for the first nine months of 2010 increased 6.3 percent, from $748.1 in the year-ago period to $795.2 million for this year.
Mobile equipment revenues increased 28 percent for the third quarter, jumping from $112.9 million in last year’s third quarter to $144.9 million this year. Power Systems jumped 33 percent, primarily as a result of improved equipment and parts and service sales to energy sector customers in western Canada.
“Third-quarter consolidated earnings continued to be better than expected as market demand for our products and services continued to be stronger than the previous year,” said Neil Manning, Wajax president and CEO. “For the remainder of 2010, we expect sales for most of our products and services will continue to exceed the levels experienced last year in spite of the fact that we are experiencing equipment inventory shipment delays from certain suppliers. Even though backlogs are down largely as a result of significant order deliveries in the quarter, quoting activity for new equipment remains strong, particularly in the mining and resource sectors. Overall, we expect to continue to achieve positive revenue and earnings growth in the fourth quarter of this year compared to the fourth quarter of 2009.”
Wajax also has an extensive rental business and is No. 37 on the RER 100. The company is based in Mississauga, Ontario.