Hammond Power Solutions announces Q2 2014 financial results
USA, Ontario: Hammond Power Solutions Inc., a manufacturer of dry-type and cast resin transformers and related magnetics, announced its financial results for the second quarter 2014.
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USA, Ontario: Hammond Power Solutions Inc., a manufacturer of dry-type and cast resin transformers and related magnetics, announced its financial results for the second quarter 2014.
Bill Hammond, Chairman & Chief Executive Officer of Hammond Power Solutions Inc. commented: “Hammond Power Solutions Inc. is pleased to report rising sales and profits in Quarter 2, 2014 amid a slower-than-expected recovery in the North American economy.”
Sales for the quarter were $ 61,716, an increase of $ 2,644 or 4.5% from Q2, 2013 sales, reports Stockhouse. International sales in Q2, 2014 were $ 8,145 versus $ 4,446 in Q2, 2013, an increase of $ 3,699 or 83.2%. The Company saw an increase in bookings of 13.0% over Q2, 2013 and 3.6% over Q1, 2014 due to an increase in bookings in the U.S. distributor channel.
The Company has maintained its gross margin rates this quarter as compared to the same quarter last year despite market pressures and poorer market conditions. Gross margin rates for Q2, 2014 were 23.3% compared to Q2, 2013 which finished at 23.9%. Net earnings for Q2, 2014 increased by $ 426 or 83.5% and finished at $ 936 compared to net earnings of $ 510 in Q2, 2013.
Mr. Hammond said: “The slower-than-expected opening quarters in the U.S. and especially Canada have dampened the outlook for 2014 in the minds of many economists and companies. At HPS, we are adjusting to this unexpected volatility and building on our diversification and competitive advantages to grow our sales, and we anticipate business momentum to build as the year unfolds and the U.S. economy finally moves into a stronger growth phase.“
Source: Stockhouse
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