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Hamilton Spectator
5 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
Business Wire
6 days ago
- Business
- Business Wire
Wolverine Worldwide Announces Second Quarter Fiscal 2025 Conference Call for August 6, 2025
ROCKFORD, Mich.--(BUSINESS WIRE)--Wolverine World Wide, Inc. (NYSE: WWW) today announced that it expects to report its second quarter fiscal 2025 financial results on Wednesday, August 6, 2025, at approximately 6:30 a.m. ET. Following the press release, the Company will host a conference call at 8:30 a.m. ET to review results and discuss current business trends. Investors and analysts interested in joining the call are invited to dial 1-800-715-9871 (international callers, please dial 1-646-307-1963) approximately five minutes prior to the start of the call. The conference call will be broadcast live and accessible under 'Webcasts & Presentations' in the Investor Relations section of A recorded replay of the call will be available shortly after the conclusion of the call and remain available until August 13, 2025. To access the telephone replay, dial 1-800-770-2030 (international callers, please dial 1-609-800-9909). The access code for the replay is 9927992. ABOUT WOLVERINE WORLDWIDE Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world's leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website,
Cision Canada
17-07-2025
- Business
- Cision Canada
Venterra Realty Named One of the 2025 Best Workplaces For Inclusion by Great Place to Work® Canada
TORONTO, /CNW/ -- Great Place to Work ® Canada has named Venterra Realty on their 2025 Best Workplaces™ for Inclusion for a third year in a row. The Best Workplaces™ for Inclusion 2025 are committed to embedding inclusion into every part of the employee experience. These organizations champion equity through inclusive policies, diverse leadership, and cultures built on belonging. The list is based on direct feedback from employees of the hundreds of organizations that were surveyed by Great Place to Work ®. To be eligible for this list, organizations must be Great Place to Work- Certified™ and have exceptionally high scores from employees on the Trust Index survey. "This recognition reaffirms our ongoing commitment to building an inclusive workplace where individuals feel valued and empowered to contribute authentically," said Venterra CEO, John Foresi"Inclusion at Venterra goes beyond words - it's a principle we put into practice every day, and we take great pride in being a place where colleagues feel a true sense of belonging." Venterra Chairman, Andrew Stewart. Venterra's Canada office has been recognized multiple times by the Great Place to Work ® Institute, including earning a spot on the list of the 2025 Best Workplaces™ in Canada. About Venterra: Venterra Realty is a growing developer, owner, and operator of multifamily apartments with over 90 mixed-use and multifamily communities across 22 major US cities. Over 50,000 people and more than 16,000 pets call Venterra "home"! The Venterra Team is focused on achieving excellence in serving its three major stakeholders: residents, employees, and investors. Venterra has enjoyed tremendous growth and financial success over its 24-year history, with approximately $7.8 billion CAD of assets under management. This success has been achieved through the exceptional commitment and dedication of Venterra's approximately 950 team members. Find out more about Venterra Realty and its award-winning company culture at
Business Wire
14-07-2025
- Business
- Business Wire
Selective Insurance Schedules Earnings Release and Conference Call to Announce Second Quarter 2025 Results
BRANCHVILLE, N.J.--(BUSINESS WIRE)--Selective Insurance Group, Inc. (Nasdaq: SIGI) will announce its second quarter financial results on Wednesday, July 23, 2025, after market close. The press release and financial supplement will be available on the Investors page of Selective's website. A conference call to discuss the results will be held on Thursday, July 24, 2025, at 8:00 AM ET. This call will be webcast live and accessible on Selective's website at A replay will be available on the website from July 24 to August 22, 2025. About Selective Insurance Group, Inc. Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard insurance for commercial and personal risks and specialty insurance for commercial risks. Selective also offers flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and employer of choice is widely recognized, with awards and honors including listing in Forbes Best Midsize Employers and certification for six consecutive years as a Great Place to Work®.
Yahoo
11-07-2025
- Business
- Yahoo
Lincoln Savings Bank Earns Great Place to Work® Certification, Underscoring Commitment to Culture and Community
Recognition highlights employee empowerment, commitment to a culture of innovation, and dedication to Iowa communities REINBECK, Iowa, July 11, 2025--(BUSINESS WIRE)--Lincoln Savings Bank is proud to announce that it has been officially certified as a Great Place to Work®, a prestigious recognition that celebrates the Bank's ongoing commitment to fostering a supportive, empowering, and inclusive workplace. This certification is based on feedback from employees who highlighted a culture where every individual is valued, respected, and encouraged to bring their best selves to work. "Our people are what set us apart—period," said Sean Willett, CEO of Lincoln Savings Bank. "This certification reflects what we've always believed and worked hard to foster—a culture built on purpose, trust, and opportunity and where people bring their best to work every day. When you get that right, everything else follows—exceptional customer relationships, strong community engagement and better employee experiences. I'm genuinely proud of what our team has accomplished and excited about what we're building together." Banking on People: Core Values Drive Success At Lincoln Savings Bank, we believe that the strength of our organization comes from bringing together people with a wide range of talents and perspectives. Since 1902, we have been dedicated to the customers and communities we serve in Northeast and Central Iowa—a commitment that continues to guide us through a set of core values shared across our organization. Act Like Owners: We nurture an environment where employees feel welcomed, connected, and valued, encouraging each person to take ownership and contribute meaningfully to our collective success. Foster Superior Talent: We strive to attract, support, and develop a team that reflects the unique strengths and perspectives of the communities we serve, ensuring that a mix of backgrounds and ideas helps us grow stronger together. Cultivate Deeper Relationships: Our commitment to building lasting relationships shines through in every personalized banking experience—whether online, by phone, or in person—because meaningful connections are at the heart of everything we do. Build Strong Communities: Lincoln Savings Bank is deeply invested in strengthening our communities. From hands-on volunteerism during MLK Day of Service to participating in local clothing and food drives, we believe in giving back through sponsorships and partnerships that support impactful causes and events. Great Place to Work®: A Reflection of Employee Engagement This certification comes as a direct result of employee feedback, affirming that Lincoln Savings Bank is a place where people feel supported, respected, and empowered to contribute. Employees shared that they feel valued and engaged, which translates directly into exceptional service for our customers and communities. Lincoln Love: A Legacy of Local Commitment As a full-service bank rooted in Iowa for over a century, Lincoln Savings Bank is committed to making a difference where it matters most—right here at home. Our culture-driven initiatives and core values aren't just words on a page; they are lived out every day by a dedicated team that believes in building brighter futures for our employees, customers, and neighbors. Lincoln Savings Bank's Great Place to Work® certification is more than a milestone—it is a celebration of our people, our culture, and our unwavering commitment to being the bank our communities can count on. To learn more about career opportunities at Lincoln Savings Bank, visit: About Lincoln Savings Bank Founded in 1902, Lincoln Savings Bank is a full-service financial institution dedicated to strengthening communities and helping individuals, families, and businesses thrive. With $1.8 billion in assets and a growing fintech presence known as LSBX, LSB continues to build on its legacy of innovation, integrity, and exceptional service. For more information, visit View source version on Contacts Media Contact:Jeremy BinnsMarketing & CommunicationsLincoln Savings BankEmail: Phone: (800) 588-7551
