Quarter 1 2022 Financial Results
Posted: May 2,2022
GUELPH, Ontario, May 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 first quarter 2022.
“The diversification of geography, channels, markets and products - an important differentiator for HPS - has our business firing on all cylinders. We are seeing record booking rates in both the U.S. and Canada, along with very exciting opportunities in Mexico. In India, we benefited from strong domestic and export demand, which drove our strongest quarter in sales since we acquired our Indian transformer company. Our U.S. distributor channel continues to be the biggest engine of growth, and our OEM business is growing at its fastest pace in 7 years,” said Bill Hammond, CEO and Chairman of Hammond Power. “The fundamentals of our business are driven by demand from a broad range of markets including oil and gas, mining, data centers, hydro generation, solar power, energy storage, electric vehicle recharging stations, micro chip manufacturing, industrial expansion, LNG exports, waste water treatment, and other commercial projects. Our organizational focus on the total customer experience, which includes having the biggest and broadest inventory of products of any dry-type transformer company, providing superior customer service, and offering industry leading support tools to our distributors underpins our growth in market share.”