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Be the first with the news that moves the marketOne of the biggest per cent gainers on the Toronto Stock Index on Wednesday was Hammond Power Solutions (TSX: HPS.A).
The Guelph, Ontario-based company its financial results for Q4 and year-end 2022.
Sales came in at $144 million in the quarter and $558 million for the year, compared to $380,202 in 2021, an increase of $178,262 (47 per cent) versus 2021. Net Income was $18.2 million in the quarter and $44.8 million for the year, a 195 per cent increase over its full year 2022 earnings. Earnings per share were $1.55 for the quarter and $3.79 for the year, a year-over-year increase of 194 per cent. Cash generated from operations was $33,498 and the ending net operating cash balance of $21,972.
In a year fraught with challenges from dry supply chains, rising costs, and a tight labour market, the company’s CEO and Chairman, Bill Hammond, called Hammond Solutions’ performance admirable, given how the team delivered the strongest financial performance in 22 years of being a public company.
“Our service and quality have always been a point of pride for HPS, and we are working hard to maintain the high standards our customers have come to expect. In December, we announced our plans to add capacity in all three North American countries in which we operate in order to meet the increasing demand for our low and medium-voltage transformers, power quality, and induction heating products. Demand for our products remains strong, and we are determined to grow our competitive position in the coming years.”
Hammond Power Solutions Inc. (HPS.A) is engaged in designing and manufacturing custom electrical magnetics, cast resin, custom liquid-filled distribution and power transformers and standard electrical transformers, serving the electrical and electronic industries. The company has manufacturing plants in Canada, the United States, Mexico, and India and sells its products globally.
Since this time last year, HP’s stock has grown 196 per cent and is up 74.6 per cent year-to-date.
Hammond Power Solutions (HPS.A) was up 15.20 per cent, trading at C$35.69 per share as of 12:45 pm ET.
