Posted: Aug 2,2022

Investor Relations  

GUELPH, Ontario, August 2, 2022 (GLOBE NEWSWIRE) -- Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type and cast resin transformers and related magnetics, today announced its financial results for the second quarter 2022.

I am pleased to announce that the positive momentum continues for Hammond Power Solutions despite the growing global challenges around us. Our sales continue to grow at rates we’ve never experienced before, and although our margins during this quarter were impacted by rising material costs we still delivered significant year over year growth in earnings. We are all very proud of these results and they reflect the hard work and passion of all of our people.” said Bill Hammond, CEO and Chairman of Hammond Power. “ Our financial performance is the result of our focused strategy to diversify our business platforms. As continually highlighted, the expansion of our US distributor network has delivered significant growth through market share expansion and by taking on new opportunities in evolving technologies like EV recharging, solar energy, and energy storage applications. At the same time, we are seeing significant growth in our custom business to the energy, mining, silica chip manufacturing, and data center markets.