Canadian Electrical Wholesaler

 

Hammond PowerHammond 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."

 

 

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 Young Leaders: Taylor Gerrie

Taylor GerrieOn a regular basis, our publications profile members of our industry through their responses to a Q&A. It’s a way of recognizing industry movers and shakers, and helping our readers get to know them better. 

Recently we launched an initiative with Electro-Federation Canada's Young Professionals Network to include profiles of up-and-coming leaders. We provided the list of questions below to Taylor Gerrie, Automation Account Specialist at Gerrie Electric Wholesale Ltd. in Burlington, Ontario. Here are Taylor’s responses.

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Susan Uthayakumar, President of Schneider Electric Canada: Driving Success

Susan UthayakumarBy Owen Hurst

First and foremost, sitting down with Susan Uthayakumar feels more like sitting down and conversing with a friend than conducting an interview with the Canadian president of one of the world’s largest electrical manufacturers. Of course, she exudes the confidence and knowledge her position demands, but equally identifiable are an open and engaging nature.

In a recent sit-down, we learned a little about Susan’s history and what drives her to succeed.

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