Q2 2024 Hammond Power Solutions Inc Earnings Call Transcript
Key Points
- Hammond Power Solutions Inc (HMDPF) achieved record all-time shipments for the sixth consecutive quarter.
- The company opened a new factory in Mexico on time and on budget, enhancing production capacity.
- Sales growth increased by 14% compared to the same quarter in 2023.
- Strong bookings in the second quarter, with the second highest month of new orders ever in April.
- The company received Great Place to Work certification in Canada, the United States, and India, highlighting a positive workplace culture.
- Some facilities are operating close to or at capacity, limiting the ability to grow the top line more quickly.
- Standard product sales cooled in the United States in June, reverting to more normal levels.
- India's volume was impacted by lower renewable and export shipments.
- Margin headwinds due to the price of copper surpassing $5 in May and unabsorbed overhead from the new factory in Mexico.
- Selling and administrative expenses increased by 8.6% in the second quarter due to higher volumes.
Good morning, ladies and gentlemen. Welcome to Hammond Power Solutions second quarter 2024 financial results conference call. Certain statements that will be discussed in this conference call will constitute forward-looking statements. The forward-looking information and statements included in this discussion are not guarantees of future performance and should not be unduly relied upon.
Forward-looking statements will be based on current expectations, estimates, and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements.
Such information and statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such information and statements.
These factors include, but are not limited to, such things as the impact of general industry conditions, fluctuations of commodity prices, industry competition, availability of qualified personnel, and management,
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