Techtronic Inds Ltd Stock Price, News & Analysis

Techtronic Industries Co. Ltd. (TTNDY) has committed to setting Science-Based targets by signing the Science Based Target initiative (SBTi) commitment letter, aligning with the Paris Agreement to reduce carbon emissions across its value chain. The company aims for a 60% absolute reduction in Scope 1 and 2 emissions by 2030, using 2021 as the baseline. In 2022, TTI reduced total CO2e emissions by 6,000 tonnes, improving emission intensity by 4%. The company plans to validate this reduction and submit Scope 3 mapping for SBTi validation by 2025. TTI emphasizes its dedication to sustainability and will release its 2022 Environmental, Social, and Governance report on April 17, 2023.

Techtronic Industries Co. Ltd. (TTNDY) reported consolidated results for the year ended December 31, 2022. The company achieved a 2.8% local currency sales growth and a gross margin of 39.3%, marking its 14th consecutive year of improvement. Revenue stood at US$13.25 billion, slightly up by 0.4% from 2021, supported by a 21.8% growth in its MILWAUKEE division. However, net profit declined 2.0% to US$1.1 billion, impacted by higher interest expenses. The company generated a free cash flow of US$329 million and recommended a full-year dividend of approximately US$23.81 cents per share.

Matco Tools announced a partnership with Milwaukee Tool to enhance its cordless tool offerings. This collaboration combines Milwaukee's innovative cordless products with Matco's Infinium line, providing auto technicians a wider range of tools through Matco's mobile distributors. According to Hilda Shipcka, VP of Marketing, this partnership will offer flexibility in selecting optimal cordless solutions. With over 40 years in the automotive industry, Matco Tools remains committed to delivering high-quality tools tailored for automotive repair applications.

Milwaukee Tool has officially opened a new manufacturing plant in West Bend, WI, marking a significant expansion for the company. This 95,000-square-foot facility represents a $55 million investment, aimed at producing innovative hand tools for various trades. The plant is expected to create 150 new jobs, including positions for engineers and technicians. Milwaukee Tool's growth is supported by long-term partnerships with the Wisconsin Economic Development Corporation, and as it continues to expand its local presence, it employs over 3,700 staff in the state.

Techtronic Industries Co. Ltd. (ADR symbol: TTNDY) reported impressive financial results for the first half of 2022, with sales increasing by 10.0% to US$7.0 billion and a gross margin improvement of 50 bps to 39.1%. Net profit rose 10.4% to US$578 million, and earnings per share grew 10.4% to approximately US31.59 cents. The flagship MILWAUKEE business achieved 25.8% sales growth, highlighting strong market performance across all regions. An interim dividend of 12.23 cents per share reflects ongoing shareholder value.

Techtronic Industries Co. Ltd. (TTI) reported robust financial results for the first half of 2022, with a 10.0% increase in sales to US$7.0 billion. The company achieved a cumulative sales growth of 67% over two years, driven by its MILWAUKEE business, which saw a remarkable 25.8% growth. Key metrics include a 10.4% rise in net profit to US$578 million and earnings per share of US31.59 cents. The gross margin improved for the 14th consecutive half to 39.1%, while interim dividends increased by 11.8%.