06:33 AM EDT, 04/30/2024 (MT Newswires) -- Hammond Power Solutions (HPS-A.TO) overnight Monday reported first-quarter net earnings of $8 million, or $0.67 per diluted share, down from $15.7 million, or $1.32 per diluted share, a year earlier.

Two analysts polled by Capital IQ expected $1.60 per share.

Earnings from operations fell mainly due to higher selling, distribution, and general and administrative expenses. That was partially offset by higher sales and lower taxes.

Sales for the quarter ended March 30 were $190.7 million, up from $171.1 million a year earlier. Three analysts surveyed by Capital IQ expected $188 million.

Adjusted EBITDA for Q1 was $31 million, up from $29.1 million a year ago.

The board declared a quarterly cash dividend of $0.15 per Class A subordinate voting share and Class B common share, paid on March 28, 2024.

Also, the board declared a quarterly cash dividend of $0.275 per Class A subordinate voting shares and Class B common share payable on June 25.