QUARTER 3 2022 FINANCIAL RESULTS
Posted: Oct 27,2022
GUELPH, Ontario, October 27, 2022 (GLOBE NEWSWIRE) -- 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 third quarter 2022.
“Hammond continues to experience a very favourable environment where sales from all of our business regions continue to grow at the highest rate in our company’s history. The U.S. economy is the strongest and most stable of any in the world right now, and Hammond is benefiting from a diverse and extensive distributor network that is providing significant growth into many sectors of the economy and adding to our backlog,” said Bill Hammond, CEO and Chairman of Hammond Power Solutions. “Given our momentum and the number of opportunities we see around us, we are prudently moving ahead with selective and increased capital spending plans to expand our manufacturing capacity and service capabilities. These investments will solidify our market-leading position through improved lead times and inventory levels, and more efficient manufacturing capabilities.”