Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 10 August 2022, 19:25 HKT/SGT
Share:
    

Source: TTI
TTI Delivers Strong 2022 First Half Results

HONG KONG, Aug 10, 2022 - (ACN Newswire) - Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) is pleased to announce its results for the six months ended June 30, 2022.

The Group delivered strong results for the first half of 2022, outpacing the market and growing sales by 10.0% to US$7.0 billion. In local currency, sales grew 12.1%. Combined with the 2021 first half sales growth of 52%, TTI has increased sales by 67% over this two-year period. Gross margin improved for the 14th consecutive first half expanding 50 bps to 39.1%. EBIT increased 10.7% to US$633 million, net profit rose 10.4% to US$578 million, and earnings per share increased 10.4% to approximately US31.59 cents per share.

-- Our flagship MILWAUKEE business significantly outgrew the market, delivering 25.8% sales growth
-- Gross margin improved for the 14th consecutive first half to 39.1%
-- Net profit growth of 10.4% to US$578 million

Financial Performance Highlights for 1H 2022
2022* 2021
US$' US$'
million million Change
Revenue 7,034 6,394 +10.0%
Gross profit margin 39.1% 38.6% +50 bps
EBIT 633 572 +10.7%
Profit attributable to Owners of the Company 578 524 +10.4%
Basic earnings per share (US cents) 31.59 28.62 +10.4%
Interim dividend per share (approx. US cents) 12.23 10.94 +11.8%
*For the six-month period ended June 30, 2022

The Group is delighted that all of its geographic regions delivered solid sales growth in the first half. Rest of World featuring Australia and Asia delivered outstanding 23.0% growth in local currency. Europe grew 14.1% in local currency and North America grew 10.5% in local currency.

TTI's Power Equipment business delivered a very strong first half, while Floorcare contracted due to slowing demand and customer destocking. Now the global leader in professional cordless, TTI's flagship MILWAUKEE business continued to flourish with 25.8% local currency sales growth in the first half. This business now accounts for a major part of the company sales with an accretive gross margin.

Mr. Horst Pudwill, Chairman of TTI, said, "Our world-class team is well prepared to manage the business through challenging macroeconomic environments and continue to deliver above market results. We are well positioned to strengthen our leadership position in the months and years to come."

Mr. Joseph Galli, CEO of TTI, commented, "Our outstanding first half performance is the result of our ongoing new product flow and our market leadership position. We will continue to execute our proven strategy of investing in demonstrably better, technologically advanced new products to drive our growth."

About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers - Powerful Brands, Innovative Products, Exceptional People and Operational Excellence - reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. 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 floorcare cleaning products and solutions.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI(TM) All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI 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.

For enquiries:
Techtronic Industries Co. Ltd.
Main Contact
TTI Investor Relations
Tel: +1 (954) 541 9660
Email: ir@ttihq.com

Asia/Pacific
TTI Investor Relations
Tel: +(852) 2402 6888
Email: ir@tti.com.hk





Topic: Press release summary
Source: TTI

Sectors: Engineering
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



TTI
Mar 2, 2022 18:10 HKT/SGT
Techtronic Industries Delivers Exceptional 2021 Results with Outstanding Revenue and Profit Growth
Feb 4, 2022 05:10 HKT/SGT
TTI Increasingly Excited about 2022
Aug 11, 2021 19:00 HKT/SGT
Techtronic Industries Delivers Exceptional First Half Sales Growth
Mar 3, 2021 20:51 HKT/SGT
TTI Delivers Exceptional 2020 Results
Aug 12, 2020 20:22 HKT/SGT
TTI Delivers Exceptional First Half Results
Apr 29, 2020 16:55 HKT/SGT
Given the global coronavirus situation, we are providing an update on TTI's performance
Mar 4, 2020 19:45 HKT/SGT
TTI Delivers a Decade of Record Results
Aug 14, 2019 19:40 HKT/SGT
TTI Delivers a Strong First Half Performance With Record Revenue
Mar 6, 2019 21:32 HKT/SGT
TTI Delivers Exceptional Sales and Profit Growth
Aug 15, 2018 18:44 HKT/SGT
TTI Announces Record 2018 First Half Results
More news >>
 News Alerts
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: