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TTI Reports Record 2016 First Half Results
Global Growth Driven by Cordless Product Innovations and Continued Strong Performance in our Power Equipment Business;
Sales Increases 8.6% and Profit Increases 11.6%
HONG KONG, Aug 17, 2016 - (ACN Newswire) - Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. ("TTI"/ The TTI Group) (stock code: 669, ADR symbol: TTNDY) reported record results in revenue, gross profit, and net income with revenues growing by 8.6% to US$2.7 billion and 9.7% before currency adjustment. Net profit margins continued to improve, increasing by 20 basis points to 6.6% of sales. TTI grew in all geographic regions through innovative new product launches and strategic marketing programs, while delivering continued operational efficiency and productivity gains. Gross margins increased from 35.6% to 36.1% of sales, delivering the eighth consecutive reporting period of gross margin improvement. Basic earnings per share increased by 11.7% to 9.69 US cents.
- Record results in revenue, gross profit and net income
- Gross Profit Margin increased for the 8th consecutive period to 36.1%
- Power Equipment sales outpaced the industry, increasing 12.6%, fueled by innovative new products
TTI's largest business unit, the Power Equipment business, delivered a strong first half with US$2,204 million in global sales, representing a 12.6% increase compared with the same period in 2015. Our MILWAUKEE industrial business sales grew by 20.2% before currency adjustment, with our highly recognized Consumer Power Tool and Outdoor Product brands also delivering double-digit growth. This performance was driven by the introduction of innovative new products, strong marketing initiatives, continued entry into new product categories, targeted geographic expansion and a focus on operational and commercial excellence.
Mr. Joseph Galli, CEO of TTI, commented, "TTI's unrelenting focus on our leadership position in cordless tools and operational efficiency has delivered another record first half performance, yielding the eighth consecutive reporting period of gross margin improvement. It is a testament to our successful strategy of delivering innovative new cordless products backed by a deep understanding of customer needs."
Mr. Horst Pudwill, Chairman of TTI, said, "TTI enters the second half from a position of strength after a record first half performance. We continue to demonstrate our ability to stay laser focused as we implement our leadership strategy across new product category introductions, geographic expansion, and operational and commercial excellence."
Contact:Techtronic Industries Co. Ltd.
Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com
Source: TTI
Sectors: Daily Finance, Daily News
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