PR97402

HONG KONG, Aug. 10, 2022 /PRNewswire=KYODO JBN/ --

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

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 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.

Main Contact

TTI Investor Relations

Tel: +1 (954) 541 9660

Email: ir@ttihq.com

Asia/Pacific

TTI Investor Relations

Tel: +(852) 2402 6888

Email: ir@tti.com.hk

Source: Techtronic Industries Co. Ltd.