Techtronic Industries Delivers Exceptional First Half Sales Growth
PR91110
HONG KONG, Aug 11, 2021 /PRNewswire=KYODO JBN/ --
Hong Kong-based global power equipment and floorcare company Techtronic
Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY)
announced its results for the six months ended June 30, 2021. The Group
delivered extraordinary results for the first half of 2021, growing sales by
52.0% to US$6.4 billion. Gross margin improved for the 13th consecutive first
half to 38.6%, and the growth in EBIT, net profit, and earnings per share all
outpaced sales growth. EBIT increased 57.4% to US$572 million, net profit rose
57.9% to US$524 million, and earnings per share increased 57.8% to
approximately US28.62 cents per share.
-Exceptional sales growth of 52.0%
-Sales growth of 71.5% over two years, compared to the first half of 2019
-Strong sales growth across all businesses and geographies
-Gross margin improved for the 13th consecutive first half to 38.6%, up 58
basis points
-Net profit growth of 57.9% to US$524 million
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Financial Performance Highlights for 1H 2021
2021* 2020
US$' US$'
million million Changes
Revenue 6,394 4,206 +52.0%
Gross profit margin 38.6% 38.0% +58 bps
EBIT 572 363 +57.4%
Profit attributable to Owners of the Company 524 332 +57.9%
Basic earnings per share (US cents) 28.62 18.14 +57.8%
Interim dividend per share (approx. US cents) 10.94 6.82 +60.4%
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*For the six-month period ended June 30, 2021
Working capital as a percent of sales finished at 18.3%, below TTI's goal of
20.0% or less. The Group continues to strategically build inventory to support
its exceptional above market growth, to serve its customers with consistently
high service levels, and to insulate the company from potential critical
component shortages.
The TTI Power Equipment segment delivered sales growth of 55.3% to US$5.8
billion. All geographies and business units contributed to this stellar
performance in the first half of 2021. The flagship Milwaukee business
delivered an astounding 64.1% growth globally. RYOBI performed exceptionally
well across all brands with solid double-digit growth in all categories and
geographies. In addition, the Floorcare & Cleaning business accounted for 9.0%
of total TTI sales, with sales increasing 25.3% to US$574 million.
Mr. Horst Pudwill, Chairman of TTI, said, "At TTI, we have built an exceptional
world-class team and we would like to recognize our outstanding global
organization for delivering strong results. We are proud of the bold, strategic
decisions we have made over the past 18 months to position ourselves for a
strong second half of 2021."
Mr. Joseph Galli, CEO of TTI, commented, "TTI's first half results clearly
demonstrate our leadership position, our momentum, and our future potential.
Our high-speed new product machine allows us to expand the market and capture
market share, while we continue to improve gross margin to record levels."
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 Cleaning Products and Solutions 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.
For enquiries:
Techtronic Industries Co. Ltd.
Isabella Chan
Tel:+(852)2402-6495
Email:isabella.chan@tti.com.hk
Website:www.ttigroup.com
Strategic Financial Relations Limited
Veron Ng/+(852)2864-4831/veron.ng@sprg.com.hk
Adrianna Lau/+(852)2114-4987/adrianna.lau@sprg.com.hk
Karen Kwan/+(852)2114-4171/karen.kwan@sprg.com.hk
Email:sprg_tti@sprg.com.hk
Website:www.sprg.com.hk
SOURCE Techtronic Industries Co. Ltd.
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