QUARTER 3, 2021 FINANCIAL RESULTS
Posted: Oct 21,2021
Guelph, Ontario, October 21, 2021 – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type and cast resin transformers and power quality products, today announced its financial results for the Third Quarter of 2021.
“We generated meaningful improvements in our financial performance during the third quarter and I am very proud of how Hammond Power Solutions is performing during a challenging time,” said Bill Hammond, Chairman and CEO of Hammond Power Solutions. “As the year has progressed, our top line is starting to reflect the price increases that we have implemented due to the most significant rise in material costs for core steel, copper and aluminum in decades. Sales through our expanded U.S. distributor network have been growing at the highest rate we’ve seen as the U.S. economy recovers from the pandemic. In addition, we are seeing significant growth and future opportunities in sectors such as oil and gas, mining, and data centers. Additionally, as the global economy starts to recover, there is renewed export activity from our U.S.-based OEMs who ship their products abroad. We are confident that this positive momentum will continue into the year ahead as demand and activity continues to rebound from the pandemic lows of 2020.”