Hammond Power Solutions (OTC) ( (HMDPF) ) has realeased its Q3 earnings. Here is a breakdown of the information Hammond Power Solutions (OTC) presented to its investors.
Hammond Power Solutions Inc. (HPS) is a leading manufacturer of dry-type transformers, power quality products, and related magnetics, serving various sectors with a global reach and operations in several countries, including Canada, the U.S., Mexico, and India.
In the third quarter of 2024, Hammond Power Solutions reported a positive financial performance with an increase in sales to $192 million, marking a 6.9% rise compared to the previous year. The company’s financial results were highlighted by a strong adjusted EBITDA and a notable rise in net earnings and earnings per share.
Key financial metrics for Hammond Power Solutions in Q3 2024 included an adjusted EBITDA of $34.4 million, representing 17.9% of sales, and a gross margin of 33.8%. Net earnings for the quarter reached $16.3 million, with an earnings per share of $1.37. The company also noted a 4% increase in backlog over the previous quarter, driven by a shift towards custom products, particularly in emerging sectors like data centers.
Looking ahead, Hammond Power Solutions remains confident in the long-term demand for its products. The company is focusing on expanding its custom power transformer capacity and recently completed the acquisition of Micron Industries, which is expected to enhance its service to U.S. and North American customers and expand its product offerings.
