Hammond Power Solutions Reports Second Quarter 2024 Results
Posted: Jul 25,2024
General News Investor Relations
GUELPH, Ontario - July 25, 2024 - 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 second quarter of 2024.
"Hammond Power Solutions had a busy and exciting second quarter with the official opening of a new factory in Mexico and achieving record all-time shipments once again. As a result of our continuous focus on capacity, we were able to realize sales growth of 14% over last year," said Adrian Thomas, CEO of Hammond Power Solutions. "Our bookings were strong in the second quarter, and we achieved our second-highest month of new orders ever in April. New orders reverted to more normal levels in June as standard product sales cooled in the United States ("U.S.") ofset somwhat by increased sales activities at new and existing distributors. We are expecting the standard product market to remain stable for the remainder of the year, however we expect to see continued strong activity in custom equipment as project activity remains elevated."