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Hammond runs 14% on Q4 beat and backlog growth

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Hammond runs 14% on Q4 beat and backlog growth

Hammond Power (HPS-A) was up 14% on the back of its Q4 results, which beat big on revenue thanks to ~24% growth north and south of the border - and beat bigger on EPS, with only modest margin compression linked to cost inflation and unabsorbed capacity. Both should be short-lived, with costs passed on and the backlog at record levels (up 122% Y/Y) - driven by increased data center activity. Combined with its recent $365M deal, the street now has multiple years of revenue visibility - driving positive revisions and multiple compression.

Eli Rodney
Eli Rodney

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Mar 22, 2026

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2 min read

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