TTI Delivers Strong 2022 First Half Results
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
Gross profit margin
Profit attributable to Owners of the Company
Basic earnings per share (US cents)
Interim dividend per share (approx. US cents)
*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.”
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™ 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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Techtronic Industries Co. Ltd.
TTI Investor Relations
Tel: +1 (954) 541 9660
TTI Investor Relations
Tel: +(852) 2402 6888
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New Study From Egon Zehnder and Kearney Debunks the Myth of a Workplace Generational Divide28.9.2022 16:00:00 CEST | Press release
Egon Zehnder, the world’s preeminent leadership advisory firm, in partnership with Kearney, a leading global management consulting firm, today released findings from a new survey with over 8,000 respondents from eight different countries dismissing the myth of a generation divide in the workplace and showing that despite what is often believed, Gen Z, Millennials, Gen X and Boomers are more alike than different when it comes to workplace matters. The survey, titled “Different Generations, Same Ideals: What Workers of All Ages Value in their Jobs,” analyzed the similarities and differences among generations and found that they share more commonalities, especially when it comes to personal well-being, work-life balance, and desired traits from leadership. The most notable difference between the generations is how each group defines and plans to achieve their career desires. Key Findings from the survey include: Personal well-being, stability, and work-life balance matter more than money
BYD Announces Pre-sale Prices of European Passenger Car Range28.9.2022 15:35:00 CEST | Press release
BYD announces the pre-sale prices of its new European passenger car range. The world’s leading manufacturer of new energy vehicles and power batteries immediately introduces three full-electric passenger vehicles which will be delivered to Norway, Sweden, Denmark, the Netherlands, Belgium, Luxembourg and Germany. Before the end of the year customers in France and the United Kingdom will also have access to BYD’s zero-emission vehicles. After that, more dealers will be appointed supporting BYD’s plans to cover all major markets in Europe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005587/en/ BYD Europe Product Premiere 2022 The pre-sale price for the BYD ATTO 3 is € 38,000. The BYD HAN and TANG pre-sale prices are € 72,000. These pre-sale prices apply to Germany as a reference for Europe and may differ from country to country. The three full-electric BYD vehicles are technologically advanced and well-suited to the e
Monrol Will Establish a Legal Entity and Manufacturing Facility in Germany28.9.2022 15:27:00 CEST | Press release
Following an ongoing assessment of its entire operation, Eczacıbaşı-Monrol Nuclear Products Co. (Monrol) has decided to establish a legal entity and manufacturing facility in Germany. The new facility will focus on the manufacture of SPECT products and radiopharmaceutical products for radioligand therapy(*) such as Gallium-68 generator and n.c.a Lutetium-177. Developed by Monrol R&D teams, these products are widely used in the production of radiopharmaceuticals for cancer patients. The facility will also have a dedicated division for state-of-the art cGMP Contract Development and Manufacturing Organization (CDMO) services. Monrol plans to make the site a center of excellence for both radiopharmaceutical production and scientific and industry collaborative efforts to create innovations. The facility is expected to be up and running by 2026 at an estimated cost of around 30 million euros. (*) Targeted radioligand therapy is an innovative approach to cancer treatment that is considered to
Fore Biotherapeutics Announces Fast Track Designation Granted by FDA to FORE8394 for the Treatment of Cancers Harboring BRAF Class 1 and Class 2 Alterations28.9.2022 15:00:00 CEST | Press release
Fore Biotherapeutics (Fore Bio), a precision oncology company dedicated to developing innovative treatments that provide a better outcome for cancer patients, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) to FORE8934, its investigational, novel, small-molecule, orally available inhibitor for the treatment of patients with cancers harboring BRAF Class 1 (V600) and Class 2 (including fusions) alterations who have exhausted prior therapies. The FDA's Fast Track designation is designed to facilitate the development and expedite the review of drugs intended to treat serious conditions and fill an unmet medical need. A drug that receives Fast Track designation may become eligible for Accelerated Approval, Priority Review, or Rolling Review if relevant criteria are met. “The FDA's Fast Track Designation for FORE8394 underscores the urgent need faced by patients with advanced BRAF-muted cancers who have no other options,” said Stacie
Quectel Announces New SC680A LTE Smart Module to Drive Digital Transformation and Machine Vision AI Applications28.9.2022 15:00:00 CEST | Press release
Quectel Wireless Solutions, a global IoT solutions provider, today announces that it has released its new SC680A smart module which features broad connectivity options including LTE Cat 6, Wi-Fi 802.11ac and Bluetooth 5.0 with powerful system performance and rich multimedia functions. The SC680A smart module is targeted towards mid-tier IoT devices including POS and payment terminals, industrial handhelds for logistics and warehousing, in-vehicle infotainment and dashcam solutions as well as micro-mobility applications and small electric cars. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005031/en/ Quectel's new SC680A LTE smart module (Photo: Business Wire) “We are excited to introduce another highly integrated smart module which gives global customers more flexibility in their IoT device designs,” said Norbert Muhrer, President and CSO of Quectel. “It enables a variety of industrial and consumer IoT verticals with
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom