Consolidated revenue for Canadian distributor Wajax declined 10.5 percent in the first quarter to CAD $255.8 million (about U.S. $221 million) compared to $285.7 for last year’s first quarter. Revenue in the mobile equipment division, which includes Wajax’s rental operations, dropped 28.9 percent from CAD $106.1 million in the year-ago quarter to CAD $75.6 million.
Rental revenue typically comprises about 7 to 8 percent of Wajax’s mobile equipment revenue.
“As we anticipated, the slowing Canadian economy negatively affected most of our end markets in the first quarter,” said president and CEO Neil Manning. “Most geographic areas were also affected as reduced activity in manufacturing, forestry, construction and mining significantly impacted sales in Industrial Components and Mobile Equipment [divisions].
Based in Mississauga, Ontario, Wajax is No. 41 on the new RER 100.