Quarter 1 2023 Financial Results
Posted: May 2,2023
GUELPH, Ontario, May 2, 2023 (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 first quarter 2023.
“Following a robust 2022, we are starting 2023 off on the right foot with continued growth. Quotation activity is up significantly over both Q4 and the same quarter a year ago, and booking rates remain at or near our highest historical levels in diverse markets like renewable power generation, EV recharging, energy storage, data center construction, silicon carbide processing, industrial expansions, power quality, and large institutional projects like hospitals and industrial buildings,” said Bill Hammond, Chief Executive Officer of Hammond Power Solutions. “Our production capacity expansion plans announced in December 2022 are proceeding as planned. The $40 million dollars of capital investment are expected to accommodate sales growth of $250 million over the next five years. These investments are being made in both existing plants as well as construction of a new plant to manufacture small products in Mexico. In addition to giving us the capacity to be more aggressive in growing our business and market share, it will also allow us to reduce our lead times and improve service to our OEMs and distributors.”