Brief: Wajax Q2 adjusted earnings per share $0.21

Wajax

05/08/2016 13:03

Aug 5 (Reuters) - Wajax Corp  WJX.TO  
    * Wajax announces 2016 second quarter results 
    * Q2 earnings per share C$0.22 
    * Qtrly adjusted diluted earnings per share $0.21 
    * Q2 earnings per share view c$0.15 -- Thomson Reuters 
I/B/E/S 
    * Q2 revenue c$336.6 million versus i/b/e/s view c$305.3 
million 
    * Reorganization announced in March 2016 is proceeding on 
schedule and we are on track to complete it by end of 2016 
    * Reorganization announced in March 2016 is proceeding on 
schedule and we are on track to complete it by end of 2016 
    * Revenue in the branches shutdown declined approximately 
$8.3 million during quarter compared to Q2 of 2015 
    * Company says "we continue to reduce staffing levels in 
response to a slower western canada market" 
    * Company says "our outlook for 2016 is that market 
conditions will remain very challenging" 
    * Continue to expect that revenue and margins will be under 
pressure in 2016 
    * Consolidated backlog at June 30, 2016 of $165.2 million 
decreased $40.6 million compared to March 31, 2016. 
    * Expect to realize savings in 2016 of between $6 million 
and $7 million, with full $15 million in estimated cost savings 
expected to be realized in 2017 
    * Wildfires in Fort Mcmurray area during Q2 resulted in 
temporary shutdown of three branches in Fort Mcmurray and its 
branch in Fort Mackay 
    * Estimates that loss from fort Mcmurray wildfires at least 
$1.0 million, of which majority is expected to be recovered from 
insurance coverage 
    * For ful-year 2016 company expects "revenue, margins will 
be under pressure due to difficult market conditions in Western 
Canada" 
    * Announced planned retirement of John Hamilton, senior vice 
president, finance and chief financial officer 
    * Search for Hamilton's successor will begin in August 2016 
    * Expect to realize savings in 2016 of between $6 million 
and $7 million, with full $15 million in estimated cost savings 
expected to be realized in 2017 
 
Source text for Eikon:  ID:nCNWGQwGba  
Further company coverage:  WJX.TO  
 
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