Quarter 4, 2018 Financial Results
Posted: Mar 7,2019
General News Investor Relations
- Record Sales
- Growing market share in North America
- Surging booking and backlog levels
- Discontinuance of Italian operation
- Basic earnings per share from continuing operations $0.69
- 2019 dividend increase
Guelph, Ontario, March 7, 2019 – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type, cast resin transformers, liquid filled and related magnetics, today announced its financial results for the Fourth Quarter of 2018.
“Our North American business achieved record breaking sales, substantial market growth in both the U.S. and Canada and unprecedented bookings and backlog levels. Unfortunately, late in the year we made the very difficult decision to close our Italian operation following several years of economic and market turndowns in Europe as well as sizeable and disproportionate losses. The resulting costs of closing our Italian operation are considerable, however with these behind us, HPS will be a stronger and more profitable company going forward” Bill Hammond Chairman and CEO commented.