Hammond Power Solutions Reports Fourth Quarter 2023 (Dollar amounts are in thousands unless otherwise specified)
GUELPH, Ontario, March 27, 2024 (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 fourth quarter 2023.
HIGHLIGHTS
- Record sales of $187 million in the quarter, a 29.6% increase versus 2022. Year-to-date sales of $710 million, a 27.1% increase versus 2022.
- Net Income of $19.9 million in the quarter, a 9.2% increase versus 2022. Year-to-date net income of $63.4 million, a 41.4% increase versus 2022.
- Earnings per share of $1.68 for the quarter and $5.33 year-to-date.
- Gross margin of 32.5% for the year.