Hammond Power Solutions Announces Record Q4 Results and Dividend Increase

The company's sales surged by nearly 30% in the fourth quarter, leading to a higher quarterly dividend and significant capital investments for expansion.

• Hammond Power Solutions Inc. reports a record fourth quarter with sales reaching $187 million, marking a 29.6% increase over the previous year.
• Year-to-date net income rose to $63.4 million, a 41.4% increase compared to 2022, with earnings per share at $5.33.
• The company announced a significant increase in its quarterly dividend to $0.275 per share, payable on June 25, 2024.
• Hammond Power Solutions embarked on its largest capital program, allocating $52 million to expand manufacturing capacity.
• The company's backlog increased by 19.9% compared to December 31, 2022, despite a slight contraction in the fourth quarter.

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