Fourth Quarter and Full-Year 2021 Financial Results (Dollar amounts are in thousands unless otherwise specified)
HIGHLIGHTS
- Sales increased 45% to $116 million in Q4 and 18% to $380 million year-to-date
- Sales for 2021 increased 18% to $380 million versus $322 million in 2020
- Net Earnings increased 5.2% in the quarter and 7.9% for the year
- Earnings per share increased to $0.36 in the quarter and to $1.29 year-to-date
- Order backlog increased 59% over prior year
GUELPH, Ontario, March 03, 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 fourth quarter and full year of 2021.
“In 2021 we continued to see strong demand for our dry-type transformers in all key markets through 2021. Our organic growth throughout 2021, but particularly in the fourth quarter, was driven primarily through our North American distributor network, which grew 27% during the year,” said Bill Hammond Chairman and CEO of Hammond. “Looking forward to 2022, we are seeing diversified industry demand from nearly every sector of the economy, but specifically from health care, construction, data centers, distribution centres, electronic vehicle charging, energy infrastructure, and natural resource development activity.”