Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Wednesday, August 10 2022 - 23:51
TTI Delivers Strong 2022 First Half Results
HONG KONG, Aug. 10, 2022 /PRNewswire-AsiaNet/ --

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™ 
All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more 
information, please visit

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

TTI Investor Relations
Tel: +(852) 2402 6888

Source: Techtronic Industries Co. Ltd.