Latest news with #HPS
Hamilton Spectator
4 days ago
- Business
- Hamilton Spectator
Hammond Power Solutions Reports Second Quarter 2025 Financial Results
(Dollar amounts are in thousands, in Canadian currency unless otherwise specified) GUELPH, Ontario, July 24, 2025 (GLOBE NEWSWIRE) — Hammond Power Solutions Inc. ('HPS') (TSX: HPS.A) a leading manufacturer of dry-type transformers, power quality products and related magnetics, today announced its financial results for the second quarter 2025. HIGHLIGHTS We are pleased to share that HPS delivered another strong quarter in Q2 2025, achieving record sales and solid profits despite navigating some cost headwinds. Our quarterly revenue reached approximately $224 million, marking a new record quarter with 14% growth compared to Q2 2024. Our gross margin was slightly lower than the previous year due to rising input costs and further investments in our manufacturing footprint.', said Adrian Thomas, CEO of Hammond Power Solutions. 'Our new production facility in Mexico is complete and we will start shipments later this year. We are also proud to announce that we were awarded Great Place to Work for all of our facilities globally. This honour means a lot to us and reaffirms our belief that our employees are at the core of our success.' Year-to-date, the U.S. market experienced its strongest growth in the private label channel and steady growth in the distribution channel. The Company continued to grow both the number of new customers, as well as sales within existing customers. The Original Equipment Manufacturer ('OEM') channel and private labels channels have increased in the quarter versus prior year, with relatively more business shifting to private label. The two channels have also increased on a year-to-date basis with strong sales to switchgear manufacturers, motor control, mining, and data centres. The Canadian market continued to grow through the distribution channel in both stock and flow product and large projects in commercial construction, electric vehicle ('EV') charging, data centres, public infrastructure, oil and gas, mining, utilities and motor control. The Company's Quarter 2, 2025 backlog increased by 8.4% as compared to Quarter 2, 2024. The Company's backlog decreased 8.0% from Quarter 1, 2025. 'The second quarter was notable in the heightened level of uncertainty in our supply chain and our customer markets. However, the impact of that uncertainty proved to be relatively small, although gross margins did decline below our expectations. Some of this was due to under absorbed overheads in our new Mexico factories as they ramp up, and some to due inflation we are seeing in our supply chain. Adjusted EBITDA margins, while still above 15% on a YTD basis, dropped in the quarter as a result of the lower gross margin', said Richard Vollering, CFO of Hammond Power Solutions. 'As sales increased to record levels, working capital requirements increased. This, combined with high capital expenditures associated with our capital expansion plan, resulted in a net cash outflow, which we expect will begin to reverse in the third quarter.' The Company saw a decrease in its gross margin rate for the three months of Quarter 2, 2025 which was 30.7% compared to Quarter 2, 2024 margin rate of 32.8%, a decrease of 210 basis points. The year-to-date gross margin rate has decreased from 32.3% in 2024 to 31.1% in 2025, a decrease of 120 basis points. The decline in gross margin is mainly the result of higher material costs related to commodity volatility and inflation in the supply chain. Total selling and distribution expenses were $24,665 in Quarter 2, 2025 or 11.0% of sales versus $20,591 in Quarter 2, 2024 or 10.4% of sales, an increase of $4,074 or an increase of 60 basis points. Year-to-date selling and distribution expenses were $46,985 or 11.0% of sales in 2025 compared to $41,658 or 10.7% of sales in 2024, an increase of $5,327 or 30 basis points. The quarter and year-to-date increase in selling and distribution expenses is a result of higher variable freight and commission expenses attributed to the increase in sales. General and administrative expenses were $24,465 or 10.9% of sales for Quarter 2, 2025 compared to Quarter 2, 2024 expenses of $9,062 or 4.6% of sales , an increase of $15,403 or 170 basis points. Year-to-date general and administration expenses were $28,210 or 6.6% of sales in 2025 compared to $38,201 or 9.8% of sales in 2024, a decrease of $9,991 or 320 basis points. The increase is mainly due to an increase in share-based compensation costs, ongoing strategic investments in people and resources to support our growth strategies as well as supporting higher levels of general business activity. Net earnings for Quarter 2, 2025 finished at $13,376 compared to net earnings of $23,590 in Quarter 2, 2024, a decrease of $10,214. Year-to-date net earnings for 2025 finished at $39,598 compared to net earnings of $31,542 in Quarter 2, 2024, an increase of $8,056. EBITDA for Quarter 2, 2025 was $23,720 versus $36,711 in Quarter 2, 2024, a decrease of $12,991 or 35.4%. Adjusted for foreign exchange loss/gain and share-based compensation expenses adjusted EBITDA[1] for Quarter 2, 2025 was $33,396 versus $32,587 in Quarter 2, 2024, an increase of $809 or 2.5%. Year-to-date EBITDA was $64,417 in 2025 and $51,710 in 2024, an increase of $12,707 or 24.6%. Year-to-date adjusted EBITDA was $64,312 in 2025 and $63,559 in 2024, an increase of $753 or 1.2%. Basic earnings per share were $1.12 for Quarter 2, 2025 versus $1.98 in Quarter 2, 2024, a decrease of $0.86. Year-to-date the basic earnings per share were $3.33 in 2025 compared to $2.65 in 2024, an increase of $0.68. Adjusted1 for foreign exchange losses and share-based compensation expenses adjusted earnings per share were $1.72 for Quarter 2, 2025 versus $1.73 for Quarter 2, 2024. Year-to-date adjusted earnings per share were $3.32 for 2025 compared to $3.37 in 2024. The Board of Directors of HPS declared a quarterly cash dividend of twenty-seven and a half cents ($0.275) per Class A Subordinate Voting Share of HPS and a quarterly cash dividend of twenty-seven and a half cents ($0.275) per Class B Common Share of HPS paid on June 27, 2025. Year-to-date the Company has paid a cash dividend of fifty-five cents ($0.55) per Class A Subordinate Voting Share and of fifty-five cents ($0.55) per Class B Shares. THREE MONTHS ENDED: (dollars in thousands) SIX MONTHS ENDED: (dollars in thousands) * EBITDA adjusted for foreign exchange gain or loss and share based compensation Caution Regarding Forward-Looking Information This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, Hammond Power Solutions Inc.'s (the 'Corporation' or 'HPS') strategies, intentions, plans, beliefs, expectations and estimates, in connection with general economic and business outlook, prospects and trends of the industry, expected demand for products and services, product development and the Corporation's competitive position. Forward-looking statements can generally be identified, but not limited to, the use of words such as 'may', 'will', 'could', 'should', 'would', 'likely', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'objective' and 'continue' and words and expressions of similar import. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to risks related to foreign currency fluctuations and changing interest rates); risks associated with the Corporation's business environment (such as risks associated with the financial condition of the oil and gas, mining and infrastructure project business); geopolitical risks; climate related risks; changes in laws and regulations; operational risks (such as risks related to existing and developing new products and services; doing business with partners and suppliers; product sales and performance; legal and regulatory proceedings; dependence on certain customers and suppliers; costs associated with raw materials, products and services; human resources; and the ability to execute strategic plans.) The Corporation does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing our views as of any date subsequent to the date of this press release. We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimated, expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. ABOUT HAMMOND POWER SOLUTIONS INC. Hammond Power Solutions Inc. ('HPS' or the 'Company') enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS' standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. The Company has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A. Hammond Power Solutions – Energizing Our World For further information, please contact: David Feick Investor Relations 519-822-2441 x453 ir@ 1 Refer to Non-GAAP financial measures on page 3 of this quarterly report
CTV News
20-07-2025
- CTV News
‘Prohibited weapon,' drugs seized after motorcycle stop in Hamilton
Hamilton police seized multiple drugs and a prohibited knife after stopping a motorcycle in the city's east end earlier this week (HPS photos). Hamilton police say they have seized multiple drugs and a prohibited knife after stopping a motorcycle in the city's east end earlier this week. In a news release issued Sunday, officials say members of the HEAT Unit observed a motorcycle with an unauthorized licence plate in the Ottawa Street North area near Centre Mall on July 16. Officers say they detained the rider and discovered a switchblade knife, along with quantities of fentanyl, cocaine, methamphetamine, and oxycodone. A small amount of cash was also seized. As a result, 35-year-old James Tilley, from Hamilton, was arrested and charged with several offences, including possession of a prohibited weapon and four counts of possession for the purpose of trafficking. Police say Tilley was transported to Central Custody and his bail was opposed. In total, the following was seized by police: 90 grams of Fentanyl 29 grams of Cocaine 27 grams of Methamphetamine 9 Oxycodone pills $182.35 in cash Anyone with additional information is asked to come forward to police.
Time of India
18-07-2025
- Politics
- Time of India
HC upholds order for Haryana to consider Arjuna awardee shooters for state civil services posts
Chandigarh: In a scathing ruling, the Punjab and Haryana high court has upheld an earlier decision directing the Haryana govt to consider international shooters and Arjuna Awardees Ankur Mittal and Abhishek Verma for appointments to the Haryana Civil Services (HCS) or Haryana Police Services (HPS), slamming the state and imposing a ₹50,000 penalty for "scuttling a genuine claim". The division bench, led by chief justice Sheel Nagu and justice Sanjiv Berry, rejected the state's appeal against the April 18, 2022 order issued by justice Arun Monga, saying the case was rooted in "sound and time-tested principles of service jurisprudence" and should never have gone to court. Policy Changed After Applications Mittal and Verma had applied for HCS/HPS posts under the 2018 sports policy, which entitled top-performing athletes to state govt jobs. However, the Haryana govt amended the policy on March 9, 2019, and applied it retrospectively from Sept 5, 2018, disqualifying the two shooters effectively. Calling the move deliberate and mala fide, the court ruled that such retrospective changes cannot dilute the fundamental right of the petitioners to be considered under the rules in force at the time they had applied. Penalised for Events Not in Oly The Haryana govt's defence centred on the fact that the shooting events in which Mittal and Verma competed were not part of the 2020 Tokyo Olympics. Mittal had won gold in the double trap men's event at the 52nd ISSF Championship in Korea in 2018, while Verma was part of the 10m air pistol men's team. However, the court held that their exclusion based on Olympic inclusion violated the principles of fairness and legitimate expectation, particularly when they had applied in good faith under the unamended 2018 policy. The bench imposed ₹50,000 in costs on the Haryana govt for pursuing what it termed avoidable litigation. Of this, ₹10,000 each is to be paid to Mittal and Verma, while ₹30,000 will be deposited with the high court's bar association. "This litigation ought not to have arisen in the very first place had the state of Haryana and its functionaries obtained proper legal advice," the court observed, criticising the govt's handling of the matter. The ruling is seen as a major win for elite Indian athletes who seek recognition and public employment for their international achievements. MSID:: 122763654 413 |
Business Insider
15-07-2025
- Business
- Business Insider
5 stats that show where BlackRock is — and where the world's largest asset manager is going
There are lots of big numbers that come up on BlackRock earnings calls. It's what happens when you're the largest asset manager in the world. The key thing for investors in the firm and competitors tracking the behemoth from afar is deciphering which of the gaudy current-day figures will keep growing and which of the optimistic projections will actually happen. BlackRock already manages $12.5 trillion in assets across institutions, insurers, pensions, and wealthy people, mostly in public markets. It's spent the last year and a half acquiring businesses that would help it move more of that money into lucrative private markets, where fees are higher and capital is stickier. At its investor day last month, the firm laid out its goal to hit $35 billion in annual revenue in 2030, an increase from $20 billion in 2024. Business Insider highlighted five stats from the firm's Tuesday call with analysts to demonstrate asset manager is currently and where it hopes to be in five years. $152 billion The net inflows into BlackRock products in the first half. The influx of assets was led by a record six months from the firm's iShares ETF line, which brought in a net $192 billion of new money. BlackRock's existing business, particularly its low-fee index investing funds, is the biggest pile of money in the industry and is still growing consistently. Still, the first half of the year was not perfect, as some of the firm's actively traded products experienced a performance dip. 58% The decline in performance fees collected by BlackRock in the first half of 2025 compared to the first half of 2024. Rocky equity and bond markets worldwide, caused primarily by the trade policies proposed by President Donald Trump, have been challenging for investors of all sizes to deal with. At BlackRock, the firm's profit margin dipped to 43.3% this quarter compared to 44.1% in last year's second quarter, and CFO Martin Small attributed 75% of that drop to the decline in performance fees. Active equity funds in particular have had a rough 12-month stretch, the firm's earnings supplement shows: Only 40% of assets are above the index or peer median. The firm also noted that private market funds brought in fewer performance fees than last year, but the firm's ambitions for that space remain as large as ever. $450 million The amount of revenue HPS Investment Partners is expected to add to BlackRock's coffers in the third quarter, according to Small. The deal for the $165 billion private credit shop closed at the start of July, and Small said the firm will issue the equivalent of up to 13.8 million shares of BlackRock common stock to retain the team at the firm. The retention of HPS's team will be critical for BlackRock, which wants to fundraise significantly for its private-credit and infrastructure offerings over the next five years. $400 billion The fundraising goal for private market fundraising through 2030. Small said he expects it to ramp up in 2028 as HPS and Global Infrastructure Partners, the firm's other large private market investor acquisition, become more ingrained in the firm. CEO Larry Fink said that he was in Asia last week, where demand for infrastructure and other private-public partnerships is already "beyond our imagination." Those partnerships — the firm has pulled in Singapore's Temasek in its artificial intelligence infrastructure push — will be needed if the manager hopes to hit its revenue goals. 40% The proportion of the firm's revenue that it wants to derive from its private markets funds and tech services platform, led by Aladdin. The New York-based firm made nearly $10.7 billion in revenue in 2025's first half, driven by its equity ETFs, which hauled in $2.8 billion in revenue alone. Tech services, meanwhile, made roughly a third of that in the same time frame. BlackRock's Aladdin platform already serves more than 200 institutional clients, effectively making the firm an infrastructure provider to many of its clients and some of its competitors. But the firm's fundraising push for its private market offerings also includes the hope that individual retirement accounts in the US will soon be open to such options. Fink and Small both said that litigation reform is needed before that could happen, but are optimistic about what they've heard out of Washington on the subject. "We think we have all the building blocks here," Small said.
Time of India
15-07-2025
- Time of India
Hyderabad cops nab 35 more drunk drivers ferrying students; over 3,000 tested in citywide checks, schools may face action
By: HYDERABAD: In a span two weeks, Hyderabad traffic police have nabbed 35 drivers for ferrying school children in an inebriated state. Cops found that the blood alcohol content (BAC) in some drivers was alarmingly high — between 200 mg/ml and 400 mg/ml The permissible BAC level is 30 mg/ml. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad That this comes less than a month after 13 drivers of school transport vehicles were caught for drunk driving, shows how this dangerous practice is widespread and a common affair on Hyderabad's roads. 'All 28 police stations in our jurisdiction have been conducting surprise checks at various locations in the city like HPS out gate, Paradise Junction, and CTO point. Every day, each police station checks about 15 to 20 vehicles at least two times a day,' said P Chandrashekhar working with the Hyderabad traffic police team. 'Often we have noticed drivers driving recklessly. When we stopped to check them, they were found to be under the influence of alcohol. ' Of those apprehended in the recent drive that ended last week, 12 were school bus drivers, 19 auto and four van drivers. Police mull asking edu dept to act against erring schools These were among the over 3,000 drivers put through breathalyser tests at random by Hyderabad traffic police. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo All have been booked under the Motor Vehicles Act and taken into judicial custody, said the police. Hyderabad has more than 10,000 vehicles (buses, autos and vans) ferrying school children every day. Apart from drunk driving, police also apprehended 100 drivers — 85 auto and 15 private vans — for overloading and carrying more students than their vehicles can accommodate. 'This is an equally dangerous violation as there are high chances the vehicle could lose balance and cause accidents,' said Rahul Hegde, DCP (traffic-1), Hyderabad. While the police have decided not to initiate criminal action against the schools, they are mulling writing to the education dept urging it to take the erring schools to task. 'During our awareness programme last month, we had urged the schools to be more vigilant and put their drivers through breathalyser tests to ensure safety of students,' said Joel Davis, joint commission of police (traffic), Hyderabad. 'We will reiterate to schools the need to take more stringent measures to curb this dangerous practice. But if we get more cases of violations, we will escalate the matter to the education dept and ask them to revoke the NOCs of schools that allow such drivers to stay employed,' he added.
