May 10, 2011 / 2:21 PM / 7 years ago

UPDATE 1-Wajax Q1 profit jumps on higher volumes

* Q1 EPS C$0.76 vs C$0.53 last year

* Q1 rev up 34 pct to C$303.9 mln (Follows Alerts)

May 10 (Reuters) - Canada’s Wajax Corp , a distributor of mobile equipment, industrial components and power systems, posted a 44 percent rise in first-quarter profit on higher sales volumes in all its segments.

January-March net income was C$12.8 million, or 76 Canadian cents a share, compared with C$8.9 million, or 53 Canadian cents a share, a year ago.

Revenue rose 34 percent to C$303.9 million. Equipment revenue rose 40 percent, while industrial components revenue was up 11 percent.

Costs rose 11 percent to C$46.8 million.

Analysts on an average were expecting the company to earn 60 Canadian cents per share on revenue of C$277.08 million, according to Thomson Reuters I/B/E/S.

The company said it expects pre-tax earnings to continue to be ahead of 2010 for the rest of the year, and raised its monthly dividend by 3 Canadian cents to 18 Canadian cents per share for May, June and July.

Shares of the Toronto, Ontario-based company were trading up 17 Canadian cents at C$41.50 on Tuesday morning on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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