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Wajax Corporation (WJXFF) CEO Iggy Domagalski on Q1 2022 Results - Earnings Call Transcript

May 03, 2022 4:46 PM ETWajax Corporation (WJXFF), WJX:CA
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Wajax Corporation (OTCPK:WJXFF) Q1 2022 Earnings Conference Call May 3, 2022 2:00 PM ET

Company Participants

Iggy Domagalski - President and Chief Executive Officer

Stuart Auld - Chief Financial Officer

Conference Call Participants

Michael Doumet - Scotiabank

Devin Dodge - BMO

Michael Tupholme - TD Securities

Bryan Fast - Raymond James


Thank you for attending Wajax Corporation's 2022 First Quarter Financial Results Webcast.

On today's webcast will be Mr. Iggy Domagalski, President and Chief Executive Officer; and Mr. Stuart Auld, Chief Financial Officer. Please be advised that this webcast is being recorded. Please note that this webcast contains forward-looking statements. Actual future results may differ from expected results.

I will now turn the call over to Iggy Domagalski.

Iggy Domagalski

Thank you very much. Good afternoon, and thank you for participating in our first quarter call. This afternoon, we'll be following a webcast, which includes a summary presentation of Wajax's Q1 2022 financial results. The presentation can be found on our Web site under Investor Relations and Events and Presentations. I will provide you with a general update and then turn it over to Stu for comments on backlog, inventory, cash and the balance sheet. To begin, I'd like to draw your attention to the cautionary statements regarding forward-looking information on Slide 2, 3 and 4. Additionally, non-GAAP and additional GAAP measures are summarized on Slides 18 and 19 for your reference.

Turning to Slide 5. Revenue of $439.5 million was up $52.4 million or approximately 14% in the quarter. The increase in revenue resulted from higher industrial parts and ERS sales in Western and Eastern Canada and higher mining sales in Western Canada, including one large mining shovel delivery in the current quarter that was earlier than originally planned. EBIT of $26.4 million was up $4.2 million or approximately 19% in the quarter. There was no benefit in the

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