Topic: How To Invest

Power Growth Investor Hotline – Friday, November 10, 2023

Article Excerpt

WAJAX CORP., $27.56, 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 September 30, 2023, overall revenue climbed 8.3%, to $509.7 million from $470.8 million a year earlier. Excluding one-time items, Wajax earned $20.7 million, or $0.96 a share, in the quarter. That’s up 24.0% from $16.7 million, or $0.78. Business conditions due to COVID-19 hurt the company’s results in 2021. However, volumes improved steadily through the end of 2022; customer activity has continued to climb in 2023. The company raised its quarterly dividend by 32.0% with the April 2023 payment, to $0.33 a share from $0.25. The stock now yields a high 4.8%. Wajax Corp. is a buy. Wajax recent coverage: November 2023 issue Hotline…