Business
Hammond Power Solutions Reports Fourth Quarter 2024 Financial Results
(Dollar amounts are in thousands, in Canadian currency unless otherwise specified) GUELPH, On...
About this update from Hammond Power Solutions Inc. Class A
[{"type":"text","content":"Hammond Power Solutions Reports Fourth Quarter 2024 Financial Results\n\n\n\n (Dollar amounts are in thousands, in Canadian currency unless otherwise specified)\n \n\n GUELPH, Ontario, March 20, 2025 (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 2024.\n \n\n\n HIGHLIGHTS\n \n\n\n\n\n Record sales of $208 million in the quarter, an increase of 11.5% versus 2023. Year-to-date sales were $788 million, an increase of 11% versus 2023.\n \n\n\n\n Adjusted EBITDA of $32,548 in the quarter, or 15.6% of sales.\n \n\n\n\n Year-to-date Adjusted EBITDA is $130,484, or 16.6% of sales.\n \n\n\n\n Gross margin of 32.7% for the quarter, 32.8% year-to-date.\n \n\n\n\n Net earnings of $23.7 million and earnings per share of $1.99 for quarter 4, 2024.\n \n\n\n\n Net earnings of $71.5 million and earnings per share of $6.01 year-to-date 2024.\n \n\n\n\n “We are very pleased that we completed the year with record sales of $208 million. Strong shipments in the quarter were seen in Canada, India, and the United States. Significant Mesta projects also shipped in the quarter, and we reported nearly a full quarter of Micron sales, on track with our expectations” said Adrian Thomas, CEO of Hammond Power Solutions. “As with the previous quarter, there was a notable shift in product mix towards custom and configured products. On a year-to-date basis, sales were up 11%, and backlog remained steady from Q3 to Q4 as we shortened our lead times on custom power products while at the same time shipping more products overall in the quarter. Gross margins remained strong in the quarter and for the year. The high volume drove a record earnings per share of $1.99 for the quarter and $6.01 for the year. 2024 closed as another record year for HPS in terms of profitability, but just as importantly, we were successful at continuing to build a stronger company to continue growth into the future.”\n \n\n\n\n\n Geography\n \n\n\n\n Q4 2024\n \n\n\n\n Q4 2023\n \n\n\n\n $ Change\n \n\n\n\n % Change\n \n\n\n\n\n\n\n\n 2024\n \n\n\n\n\n\n\n\n 2023\n \n\n\n\n $ Change\n \n\n\n\n % Change\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n U.S. & Mexi...