|Wednesday, 19 March 2014, 22:30 HKT/SGT|
|TTI Delivered Another Exceptional Year as Sales Grew 11.6% and Profit Increased 24.5%|
HONG KONG, Mar 19, 2014 - (ACN Newswire) - Hong Kong based global power equipment and floor care company, Techtronic Industries Co. Ltd. ("TTI" / The Group) (stock code: 669, ADR symbol: TTNDY) today announced its results for the financial year ended December 31, 2013, delivering record sales, gross margin and profit. Solid operational performance drove shareholders' profits to rise by 24.5% to USD250 million, with earnings per share increasing by 19.8% over 2012 to US13.68 cents. The higher sales and operational efficiency drove positive free cash flow to a record USD332 million.
Sales increased 11.6% over 2012 to USD4.3 billion due to continued investment in new products delivering double digit sales growth in all geographic regions. Sales of TTI's largest business segment, Power Equipment, rose by 9.8% to USD3.1 billion, accounting for 73.1% of total sales, against 74.4% in 2012. Gross profit margin improved for the fifth consecutive year to 34.2% from 33.5% last year on further productivity gains in our operations and sourcing, the introduction of new products, cost improvement programs, and continued investment in automation and lean manufacturing initiatives. 2013 earnings before interest and tax increased by 16.9% to USD304 million, with the margin improving by 30 basis points to 7.1%. The Board is recommending a final dividend of HK13.75 cents (approximately US1.77 cents) per share, which will result in a full-year dividend 35.7% higher than last year.
Mr. Horst Pudwill, Chairman of TTI, said, "I am pleased to announce that TTI delivered another record year for sales, gross margin and profit in 2013. We are excited about our positive momentum and are well positioned to build on our record financial performance through our continued commitment to innovation and superior products."
"2013 was an outstanding year for TTI that validates our relentless focus on innovative product development and global market expansion, supported by disciplined cash management, continuous process improvements, and a deeply committed customer-oriented global team. We are just getting started," said Mr. Joseph Galli, CEO of TTI.
-- Sales grew 11.6% to record USD4.3 billion
-- All business segments and geographic regions delivered strong growth
-- Gross profit expanded 14.2% with a record margin of 34.2%
-- Net profit increased to USD250 million, growing 24.5%
-- Working capital improved to 13.9% of sales
-- Another strong year delivering free cash flow of USD332 million
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world-class leader in quality consumer, professional and industrial products marketed to the home improvement, hardware, and construction industries. An unrelenting strategic focus on Powerful Brands, Innovative Products, Exceptional People and Operational Excellence drives our success. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL Floor Care and Appliances.
TTI is one of the constituent stocks of the MSCI All Country World Index (ACWI), FTSE Developed Index and Hang Seng Composite LargeCap Index under the Hang Seng Composite Size Index. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
Techtronic Industries Co. Ltd.
Tel: +(852) 2402 6495
Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831 firstname.lastname@example.org
Ming Chan +(852) 2864 4892 email@example.com
Sadie Lam +(852) 2864 4861 firstname.lastname@example.org
Fax: +(852) 2527 1196
Mar 19, 2014 22:30 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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