Techtronic Industries Co Ltd (TTI), a global leader in cordless Professional Tools, DIY Tools and Outdoor Power Equipment, has delivered solid results for the first half of 2023.
“We remain committed to our strategy of investing in better technology and advanced new products to drive our growth. I am convinced we are well-positioned to continue outperforming the market in the second half of 2023 and beyond,” said TTI Chairman, Horst Pudwill in a statement.
Meanwhile, its Chief Executive Officer, Joseph Galli said: “At TTI, we continually push ourselves to improve. We outperformed the competition in sales, drove substantial inventory reduction, and generated positive free cash flow, while continuing to invest for the future.”
TTI outpaced the market in sales performance and profit generation, while reducing inventory and delivering outstanding free cash flow. However, overall sales declined 2.2 per cent in reported currency and 1.0 per cent in local currency, to US$6.9 billion. (US$1=RM4.57)
Furthermore, its Flagship MILWAUKEE business, which is the number one global professional power tool brand, outperformed the market with 8.7 per cent growth in local currency, while the Consumer businesses were down low double-digit, in part driven by inventory reduction initiatives within its network and customers.
Gross margin expanded for the 15th consecutive first half to 39.3 per cent, a 22 basis points increase, due to TTI’s greater mix towards the group’s higher margin MILWAUKEE business and productivity initiatives, supplemented with the continued outperformance of its high margin aftermarket battery business.
Globally, TTI outperformed the market in the first half of 2023. In local currency, North America declined 3.9 per cent in sales, Europe grew 10.1 per cent, while the rest of World, featuring Australia and Asia, delivered 5.7 per cent growth.
Founded in 1985, the global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries while maintaining high environmental, social and corporate governance standards.
