TECHTRONIC INDUSTRIES DELIVERS EXCEPTIONAL 2021 RESULTS WITH OUTSTANDING REVENUE AND PROFIT GROWTH
PR94787
HONG KONG, March 2, 2022 /PRNewswire=KYODO JBN/ --
Hong Kong-based global power equipment and floorcare & cleaning company
Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR
symbol: TTNDY) is pleased to report that 2021 was an extraordinary year for TTI
with outstanding revenue and profit growth. The Group delivered sales of
US$13.2 billion, an increase of 34.6%. Over the two-year period, TTI
significantly outperformed the market with +72.2% sales growth. Increased
strategic investments in new product, manufacturing capacity, geographic
expansion, logistics, and in-field marketing initiatives propelled TTI's
industry leading performance.
Full year organic sales growth of US$3.4 billion, +34.6%
Gross margin improved for the 13th consecutive year to 38.8%, up +54 basis
points
Net profit growth of 37.2% to US$1.1 billion
Financial Performance Highlights for 2021 |
|
|
|
|
2021* US$' million |
2020 US$' million |
Changes |
|
|
|
|
Revenue |
13,203 |
9,812 |
+34.6% |
Gross profit margin |
38.8% |
38.3% |
+54 bps |
EBIT |
1,192 |
868 |
+37.2% |
Profit attributable to Owners of the Company |
1,099 |
801 |
+37.2% |
Basic earnings per share (US cents) |
60.04 |
43.80 |
+37.1% |
Dividend per share (approx. US cents) |
23.81 |
17.37 |
+37.0% |
*For the year ended December 31, 2021 |
Gross margin improved for the 13th consecutive year, from 38.3% in 2020 to
38.8% in 2021. The gross margin improvement is a direct result of the launching
of high margin new products, disciplined mix management, exceptional
productivity gains, and volume leverage.
EBIT increased 37.2% to US$1.2 billion, with the EBIT margin improving by 17
basis points to 9.0%. Net Profit rose 37.2% to US$1.1 billion, with earnings
per share increasing 37.1% over 2020 to US60.04 cents. With the investments in
inventory to support sales growth and high service levels, the Group maintained
a disciplined working capital ratio at 20.9% of sales.
Every one of the Group's business units in all geographic regions delivered
exceptional sales growth in 2021. North America grew 33.7%, Europe grew 41.1%
and ROW grew 31.8%. The Power Equipment business, representing 90.6% of total
sales, grew 37.0% to US$12.0 billion. The Milwaukee business, Ryobi DIY, and
Ryobi Outdoor businesses all achieved double-digit growth, significantly
outgrowing the market. The Floorcare and Cleaning business also produced strong
sales growth of 14.8% to US$1.2 billion.
The Board is recommending a final dividend of HK 1 dollar (approximately
US12.87 cents) per share. Together, with the interim dividend of HK85.00 cents
(approximately US10.94 cents) per share, this will result in a full-year
dividend of HK185.00 cents (approximately US23.81 cents) per share, against
HK135.00 cents (approximately US17.37 cents) per share in 2020, an increase of
37.0%.
Mr. Horst Pudwill, Chairman of TTI, said, "We are confident that our
unrelenting bold vision, customer focus and business momentum will make 2022
another outstanding year and position TTI with exciting opportunities in the
months and years ahead."
Mr. Joseph Galli, CEO of TTI, commented, "TTI is now uniquely positioned to
continue our leadership position in professional cordless, DIY cordless,
outdoor cordless, and in floorcare. In 2022, we are excited to continue making
substantial investments in the business, to drive another year of above market
results and gross margin expansion."
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 and cleaning products.
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.
Investor Relations
Tel: +(852) 2402 6888
Email: ir@tti.com.hk
Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831
Rachel Ko +(852) 2114 2370
Aggie Fang +(852) 2114 4987
Email: sprg_tti@sprg.com.hk
Website: www.sprg.com.hk
Corporate Communications
Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com
SOURCE: Techtronic Industries Co. Ltd.
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