Hammond Power Solutions Inc. Q1 2015 Results up 5.3% from Q1 2014

Hammond Power

 

Hammond Power Solutions Inc. announced its financial results for the first quarter of 2015. Sales for the quarter-ended March 28, 2015 were $63,137,000, an increase of $3,184 or 5.3% from Q1, 2014 sales of $59,953,000. The company has been lifted by a modestly improved, construction, alternative energy, and project market segments. International sales for Q1, 2015 finished at $7,336,000 versus $8,276,000 in Q1, 2014, a decrease of $940 or 11.4%.

The company increased bookings 14.8% over Quarter 1, 2014 due to stronger bookings in both the distributor and direct channels in North American and International markets. Booking rates in the distributor channel increased 11.4% over Q1, 2014. On a direct channel basis, bookings exceeded

Q1, 2014 by 17.8%. Backlog increased 16.6% over Q 4, 2014 and finished higher by 15.8% when compared to Quarter 1, 2014 due to higher booking rates in several markets including the Canadian and U.S. OEM markets.

HPS CEO Bill Hammond commented, “We are enjoying the largest growth in bookings and backlog across all of our global operations since 2012.”

Q1 2015 earnings from operations was $1,446,000, an increase of $143,000 or 11.0% from $1,303,000 for the same quarter last year. The improvement in the quarter is a result of higher sales, increased gross margin dollar contribution and a higher foreign exchange gain.

In Q1, 2015, the company announced that it had completed the formation of a new joint venture company, Corefficient S. de R.L. de C.V. (“Corefficient”). Corefficient will design, manufacture and market energy efficient electrical cores, a major component used in the manufacture of dry type and liquid filled transformers. Corefficient will be based out of Monterrey, Mexico, where a state of the art manufacturing facility is currently under construction and will be fully operational by Q4 2015.

Hammond commented, “Corefficient is an exciting venture and is reflective of the strong, long-term relationship between Hammond Power Solutions Inc. and National Material LP. Both partners bring the value of people, technology and financial strength to Corefficient. The manufacturing operation will be world class.”

Hammond concluded, “We are cautiously optimistic about our growth going forward. This is supported by our growing bookings and backlog and we continue to expand our penetration of the geographies we serve. We are confident that our financial strength, core competencies and long term strategies will accelerate our growth as markets start to improve.”

 

Related Articles


Latest Articles

  • Driivz: 2025 State of EV Charging Network Operators Report

    Driivz: 2025 State of EV Charging Network Operators Report

    May 19, 2025 As the EV charging industry is poised for profitability, network operators still face many challenges. But what are their biggest challenges, are they ready to scale up to support their business growth, and how will they provide drivers with a better charging experience in 2025. This report answers these questions and more,… Read More…

  • Electri International: Understanding, Identifying, and Measuring Rework

    Electri International: Understanding, Identifying, and Measuring Rework

    May 19, 2025 ELECTRI has sponsored a research project to create a playbook for electrical contractors that will help you: Unpaid rework refers to activities in the field (including prefabrication) that have to be done more than once, or activities that remove work previously installed as part of the project, where no change order has… Read More…

  • Intermatic Acquired by MPE Partners

    Intermatic Acquired by MPE Partners

    May 19, 2025 By David Gordon, Channel Marketing Group, President The Intermatic deal is done. It has been rumored for months that Intermatic was being sold. Strategic buyers and private equity firms were mentioned as expressing interest and reviewing “the book” throughout the fall (and some mentioned even last summer.) According to sources, it was a “challenge” for… Read More…

  • 6 Things Contractors Need To Know About the Security Kit for Wire Mesh Tray

    6 Things Contractors Need To Know About the Security Kit for Wire Mesh Tray

    May 19, 2025 The rapid expansion of data centers has brought about significant challenges in maintaining data security standards. According to Statistics Canada, recovery costs from cyber security incidents in 2023 were $2.1 billion, up from $600 million in 2021. This critical situation requires a more robust cable management design to protect data from being… Read More…


Changing Scene

  • Schneider Electric Canada Named One of Canada’s Greenest Employers for 2025

    Schneider Electric Canada Named One of Canada’s Greenest Employers for 2025

    May 19, 2025 Schneider Electric Canada has been recognized as one of Canada’s Greenest Employers for 2025 by Mediacorp Canada Inc. as part of the Canada’s Top 100 Employers project, a prestigious honour celebrating organizations that lead the country in creating a culture of environmental sustainability. This recognition highlights Schneider Electric’s long-standing commitment to advancing climate action, driving… Read More…

  • NEW ECAO Website is LIVE

    NEW ECAO Website is LIVE

    May 19, 2025 ECAO are excited to officially launch the new and improved ECAO website, redesigned with you in mind. Whether you are registering for training, accessing member resources, or staying up to date on key industry developments, ECAO’s new platform makes it faster, easier, and smarter. ECAO have rebuilt the site to deliver the ultimate… Read More…

  • Catalyst Sales and Marketing Announces New Partnership with MGM Transformers

    Catalyst Sales and Marketing Announces New Partnership with MGM Transformers

    May 19, 2025 Catalyst Sales and Marketing is proud to announce a new line partnership with MGM Transformer Company, a recognized provider of dry-type and liquid-filled transformers for commercial, industrial, and infrastructure applications. With over 50 years of expertise, MGM delivers custom-engineered, reliable, and energy-efficient solutions designed to meet the demands of data centers, renewable… Read More…

  • Intermatic Acquired by MPE Partners

    Intermatic Acquired by MPE Partners

    May 19, 2025 By David Gordon, Channel Marketing Group, President The Intermatic deal is done. It has been rumored for months that Intermatic was being sold. Strategic buyers and private equity firms were mentioned as expressing interest and reviewing “the book” throughout the fall (and some mentioned even last summer.) According to sources, it was a “challenge” for… Read More…