Quarter 2 2023 Financial Results
Posted: Aug 1,2023
GUELPH, Ontario, August 1, 2023 (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 second quarter 2023.
“The second quarter was noteworthy as we continued to deliver record financial results and experience strong demand from a wide range of end markets, which led to the largest week of bookings in the history of HPS,” said Bill Hammond, Chief Executive Officer of Hammond Power Solutions. “Our $40 million capital investment program is proceeding as planned and we are already benefiting from new capacity that improves our ability to serve the growing demand from our distributors and customers. During the quarter we hired my successor, Adrian Thomas, as CEO. Adrian has an extensive background in the electrical industry and has successfully led teams launching technologies globally. I look forward to working with him as I continue as Executive Chair, building on the strong foundation that Hammond has built as we drive to reach a billion dollars in sales by the end of the decade.”