HPS REPORTS FOURTH QUARTER RESULTS
Posted: Mar 20,2025
Investor Relations
GUELPH, Ontario, March 20, 2025 (GLOBENEWSWIRE) -- 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 2024.
“We are very pleased that we completed the year with record sales of $208 million. Strong shipments in the quarter were seen in Canada, India, and the United States. Significant Mesta projects also shipped in the quarter, and we reported nearly a full quarter of Micron sales, on track with our expectations” said Adrian Thomas, CEO of Hammond Power Solutions. “As with the previous quarter, there was a notable shift in product mix towards custom and configured products. On a year-to-date basis, sales were up 11%, and backlog remained steady from Q3 to Q4 as we shortened our lead times on custom power products while at the same time shipping more products overall in the quarter. Gross margins remained strong in the quarter and for the year. The high volume drove a record earnings per share of $1.99 for the quarter and $6.01 for the year. 2024 closed as another record year for HPS in terms of profitability, but just as importantly, we were successful at continuing to build a stronger company to continue growth into the future.”
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“We are very pleased that we completed the year with record sales of $208 million. Strong shipments in the quarter were seen in Canada, India, and the United States. Significant Mesta projects also shipped in the quarter, and we reported nearly a full quarter of Micron sales, on track with our expectations” said Adrian Thomas, CEO of Hammond Power Solutions. “As with the previous quarter, there was a notable shift in product mix towards custom and configured products. On a year-to-date basis, sales were up 11%, and backlog remained steady from Q3 to Q4 as we shortened our lead times on custom power products while at the same time shipping more products overall in the quarter. Gross margins remained strong in the quarter and for the year. The high volume drove a record earnings per share of $1.99 for the quarter and $6.01 for the year. 2024 closed as another record year for HPS in terms of profitability, but just as importantly, we were successful at continuing to build a stronger company to continue growth into the future.”
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