Sumary of Hammond Power Solutions Inc. Announces Quarter 2, 2021 Financial Results:
- (Dollar amounts are in thousands unless otherwise specified)HIGHLIGHTSSales increased 17% to $88.3 million in Qtr.
- We are also seeing strength in the more cyclical sectors we have traditionally served, including mining and oil and gas markets, driven higher by the recovering global economy and ongoing consumption of resources.
- ”“Our second quarter financial results were highlighted by an increase in our profitability, through a combination of sales growth, cost reductions, higher manufacturing volumes as well as the ability to realize selling price increases,” said Richard Vollering, CFO of Hammond.
- “Looking forward, we will continue to implement price increases to meet inflationary pressure that will impact previously booked back log.
- U.S. sales, when stated in U.S. dollars were $43,100 in Quarter 2, 2021, compared to Quarter 2, 2020 of $37,314, an upsurge of $5,786 or 15.5%.
- Year-to-date U.S. sales stated in U.S. dollars were $79,765 in 2021 compared to $79,397 in 2020, a small increase of $368 or 0.5%.
- Bookings increased 33.1% from Quarter 2, 2020 due to a rise in general overall economic activity fueled by businesses beginning to open up to pre-pandemic volumes and the impact of higher selling prices.
- The company was successful at generating an increase in its gross margin rate for Quarter 2, 2021, which was 28.6% compared to a Quarter 2, 2020 gross margin rate of 28.4%, an improvement of 0.2% of sales.