Techtronic Industries Delivers Exceptional First Half Sales Growth
Rhea-AI Summary
Techtronic Industries Co. Ltd. (TTNDY) reported impressive results for the first half of 2021, with sales soaring 52.0% to US$6.4 billion. This boost was accompanied by strong growth across all business segments, especially in the Power Equipment division, which increased by 55.3%. Gross margin reached 38.6%, and both EBIT and net profit rose by over 57%. The company also announced an interim dividend of approximately US10.94 cents per share, a 60.4% increase from the prior year. TTI's strategic inventory building aims to support ongoing growth and mitigate component shortages.
AI-generated analysis. Not financial advice.
Positive
- Sales grew 52.0% to US$6.4 billion.
- EBIT increased 57.4% to US$572 million.
- Net profit rose 57.9% to US$524 million.
- Gross margin improved to 38.6%, up 58 basis points.
- Interim dividend per share increased by 60.4% to approximately US10.94 cents.
Negative
- None.
News Market Reaction – TTNDY
On the day this news was published, TTNDY gained 3.43%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HONG KONG, Aug 11, 2021 /PRNewswire/ -- 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
- 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$524 million
Financial Performance Highlights for 1H 2021 | |||
2021* US$' million | 2020 US$' million |
Changes | |
Revenue | 6,394 | 4,206 | + |
Gross profit margin | +58 bps | ||
EBIT | 572 | 363 | + |
Profit attributable to Owners of the Company | 524 | 332 | + |
Basic earnings per share (US cents) | 28.62 | 18.14 | + |
Interim dividend per share (approx. US cents) | 10.94 | 6.82 | + |
*For the six-month period ended June 30, 2021 |
Working capital as a percent of sales finished at
The TTI Power Equipment segment delivered sales growth of
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. | Strategic Financial Relations Limited |
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SOURCE Techtronic Industries Co. Ltd.