Wajax Announces 2013 First Quarter Results

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[{"type":"text","content":"\n\n\n\n\n\nTSX Symbol:  WJX\n\n\n\n\n\n\n\n \n\n\n \n\n\n\n\n(Dollars in millions, except per share data)\n\n\nThree Months Ended March 31\n\n\n\n\n \n\n\n2013\n\n\n2012\n\n\n\n\nCONSOLIDATED RESULTS \n\n\n \n\n\n \n\n\n\n\nRevenue \n\n\n$336.3\n\n\n$358.1\n\n\n\n\nNet earnings \n\n\n$10.4\n\n\n$17.1\n\n\n\n\nBasic earnings per share\n\n\n$0.62\n\n\n$1.03\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nSEGMENTS\n\n\n \n\n\n \n\n\n\n\nRevenue - Equipment\n\n\n    $167.4\n\n\n    $170.4\n\n\n\n\n \n\n\n- Power Systems\n\n\n$79.9\n\n\n$95.9\n\n\n\n\n \n\n\n- Industrial Components\n\n\n$89.8\n\n\n$93.3\n\n\n\n\nEarnings - Equipment\n\n\n$9.9\n\n\n$13.1\n\n\n\n\n \n\n\n \n\n\n%  margin\n\n\n5.9%\n\n\n7.7%\n\n\n\n\n \n\n\n- Power Systems\n\n\n$4.1\n\n\n$8.7\n\n\n\n\n \n\n\n \n\n\n%  margin\n\n\n5.1%\n\n\n9.1%\n\n\n\n\n \n\n\n- Industrial Components\n\n\n$3.7\n\n\n$6.8\n\n\n\n\n \n\n\n \n\n\n% margin\n\n\n4.2%\n\n\n7.3% \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nTORONTO, May 10, 2013 /CNW/ - Wajax Corporation (\"Wajax\" or the \"Corporation\") today announced its\n 2013 first quarter results.\n\n\nFirst Quarter Highlights\n\n\n\nConsolidated first quarter revenue of $336.3 million decreased $21.8\n million, or 6%, compared to last year.  Wajax Equipment revenue\n decreased 2%. Lower mining equipment sales more than offset gains in\n equipment sales in the construction, forestry and material handling\n sectors and a 12% increase in parts and service volumes. Wajax Power\n Systems and Wajax Industrial Components recorded 17% and 4% decreases\n in revenue respectively primarily on weaker activity in the western\n Canada oil and gas sector.\n\n\n\n\nNet earnings for the quarter of $10.4 million, or $0.62 per share,\n decreased compared to $17.1 million, or $1.03 per share recorded in\n 2012.  The $8.3 million year-over-year decrease in earnings before\n finance costs and income taxes was driven by an approximately $8.9\n million reduction in earnings related to the oil and gas and mining\n markets. Of this, approximately $4.0 million was attributable to the\n loss of the LeTourneau mining equipment line.  Financin...

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