Hammond Power Solutions report 9% decrease in bookings for Q1
Hammond Power Solutions Inc., a leading manufacturer of dry-type and cast resin transformers and related magnetics, has announced its financial results for the first quarter of 2020.
Bookings decreased 8.8% from Quarter 1, 2019 due to a decrease in bookings in the North American direct, Canadian distributor channels and lower bookings in the Indian market, predicated by the onset of the COVID-19 pandemic late Quarter 1 of this year.
“Contrary to the seriousness of the threat posed by COVID-19, HPS is pleased to report that we started the year with positive momentum, delivering solid financial results in Quarter 1, 2020, even in comparison to our record-breaking results of 2019. Under the current circumstances, we are very proud of these results,” Bill Hammond commented.
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Source: Hammond Power Solutions
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