QUARTER 4 AND FULL YEAR 2022 FINANCIAL RESULTS
Posted: Mar 7,2023
Investor Relations
GUELPH, Ontario, March 7, 2023 (GLOBE NEWSWIRE) -- Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type transformers, power quality products and related magnetics, today announced its financial results for the fourth quarter and year-end 2022.
HIGHLIGHTS
- Sales of $144 million in the quarter and $558 million for the year. Full year 2022 sales increased by 47% versus 2021
- Net Income of $18.2 million in the quarter and $44.8 million for the year. Full year 2022 earnings increased by 195%
- Earnings per share of $1.55 for the quarter and $3.79 for the year, a year-over-year increase of 194%
- Order backlog increased 117% versus 2021
- Cash generated from operations of $33,498 and ending net operating cash balance of $21,972
“We are extremely proud of what we have been able to accomplish during 2022. It was a year fraught with challenges in terms supply chains, rising costs, and a tight labour market. Through this, Hammond Power Solutions performed admirably, in fact we delivered the strongest financial performance of our 22 years of being a separate public company”, said Bill Hammond, CEO and Chairman of Hammond Power Solutions. “Our service and quality have always been a point of pride for HPS, and we are working hard to maintain the high standards our customers have come to expect. In December, we announced our plans to add capacity in all three North American countries in which we operate in order to meet increasing demand in our low and medium voltage transformers, power quality, and induction heating products. Demand for our products remains strong and we are determined to grow our competitive position in the coming years.”