TECHTRONIC-INDUSTRIES
Global power equipment and floorcare & cleaning company Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, ADR symbol: TTNDY) is pleased to announce the audited consolidated results of the Company and its subsidiaries for the year ended December 31, 2022. TTI demonstrated the resilience of its business model in 2022 in a more challenging operating environment. After nearly doubling the revenue base from 2018 to 2021, the Group delivered 2.8% local currency sales growth in 2022 due to the extraordinary growth of the MILWAUKEE business.
- Our flagship MILWAUKEE business grew 21.8% in local currency
- Free cash flow increased in the second half to finish the year at US$329 million
- Gross margin improved for the 14th consecutive year to 39.3%, up 54 basis points
Financial Performance Highlights for 2022 |
|
|
|
||||||
|
2022*
|
2021
|
Changes |
||||||
Revenue |
13,254 |
|
13,203 |
|
+0.4% |
||||
Gross profit margin |
39.3 |
% |
38.8 |
% |
+54bps |
||||
EBIT |
1,201 |
|
1,192 |
|
+0.8% |
||||
Profit attributable to Owners of the Company |
1,077 |
|
1,099 |
|
(2.0 |
%) |
|||
Basic earnings per share (US cents) |
58.86 |
|
60.04 |
|
(2.0 |
%) |
|||
Dividend per share (approx. US cents) |
23.81 |
|
23.81 |
|
- |
|
|||
*For the year ended December 31, 2022
Gross margin improved for the 14th consecutive year, from 38.8% in 2021 to 39.3% in 2022. TTI EBIT increased 0.8% to US$1.2 billion with margin up slightly to 9.1%. Net Profit declined 2.0% to US$1.1 billion due to higher interest expense. Earnings per share declined 2.0% to US58.86 cents. The Group generated free cash flow of US$329 million, with a tremendous improvement in the second half. Working capital to sales finished the year at 21.2% compared to 20.9% a year ago. Importantly, days of finished goods inventory declined 3 days to 113 days at year end.
TTI’s Power Equipment business, representing 93.0% of total sales, grew 5.5% in local currency. MILWAUKEE grew 21.8% in local currency, offsetting declines in our consumer and floorcare businesses. In the Power Equipment business, TTI generated low double-digit organic growth in Europe and ROW along with positive growth in the core North American business.
The Board is recommending a final dividend of HK90.00 cents (approximately US11.58 cents) per share. Together, with the interim dividend of HK95.00 cents (approximately US12.23 cents) per share, this will result in a full-year dividend of HK185.00 cents (approximately US23.81 cents) per share, same as last year.
Mr. Horst Pudwill, Chairman of TTI, said, “With a strong increase in free cash flow and a healthy balance sheet, TTI is well positioned to further expand our global industrial, professional and consumer leadership position. We are highly confident in our ability to continue driving market share gains and to outperform the market in 2023.”
Mr. Joseph Galli, CEO of TTI, commented, “TTI is well positioned to outperform the market in 2023. We have not only right-sized our SG&A cost base, but also streamlined our fixed overhead position and prudently managed our production levels while developing a stream of innovative new products.”
About TTI
TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the DIY, 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 an expansive long-term 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 while maintaining high environmental, social and corporate governance standards. 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.
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is one of the constituent stocks of the Hang Seng Index, Hang Seng Corporate Sustainability Benchmark Index, FTSE RAFITM 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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005567/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Klarna Launches Tap to Pay for In-Store Purchases Across 14 Markets2.12.2025 09:00:00 CET | Press release
Klarna, the global digital bank and flexible payments provider, today launches the brand new feature Tap to Pay across 14 European markets, bringing flexible payments into physical retail at scale and transforming the Klarna app into an everyday contactless wallet. With more than 80% of European shopping still happening in physical stores, Tap to Pay brings consumers the ease of online shopping into the bricks and mortar stores. Instead of hunting for cards or juggling apps, everything sits in one place — the Klarna app — making every purchase smoother from start to finish. Utilising NFC technology, Tap to Pay turns the Klarna app into a contactless wallet, letting consumers set up a flexible payment plan and pay with a tap, all in one place – without adding their card to another wallet or switching apps at checkout. Tap to Pay builds on the rapid global uptake of the new debit-first Klarna Card, now used by more than 4 million consumers. The card is debit by default, with the option t
SkillOnNet Redefines RNG Gaming with World-First Launch of AI-Powered GAIA Roulette2.12.2025 09:00:00 CET | Press release
GAIA is the world’s first AI-driven roulette host now in commercial use. Global entertainment brand SkillOnNet has announced the launch of GAIA Roulette, a groundbreaking new roulette experience powered by artificial intelligence. The game – which is now live on PlayUZU Mexico, with plans to expand to additional markets across the SkillOnNet network in the coming months – blends the thrill of RNG gameplay with the 3D realism of a live dealer. It’s the world’s first AI-driven roulette host now in commercial use. Unlike traditional RNG tables, GAIA Roulette features an intelligent, interactive digital dealer that is personalized to each player. GAIA learns player preferences, adapts its communication style, and provides real-time assistance, helping users understand bets, game flow, and strategies. Players can discuss game events – asking questions about game results, previous numbers, their wins and losses, and review gameplay history – but they can also talk about everyday topics like
Expedition Growth Capital Raises $375 Million Fund III in First and Final Close2.12.2025 09:00:00 CET | Press release
Fund III is Expedition’s third consecutive fund closed at the hard cap The London and Boston-based firm specialises in minority growth equity investments in domain-expert software & AI companies with a use but not a need for capital Expedition Growth Capital (“Expedition”), a software-specialist growth equity firm, today announced that it has raised its third fund of $375 million, continuing its focus on partnering with rapidly growing companies from across Europe that have built high-quality products and customer bases, without venture capital. The oversubscribed raise was completed in four months, with more than half of commitments from US investors, including leading endowments and foundations. Since its founding in late 2020, Expedition has built a portfolio of 17 bootstrapped software leaders from nine European countries, the majority already operating in North America. Portfolio companies include Dougs, a Lyon-based AI-powered accounting solution used by over 30,000 businesses, e
Payments Modernisation: Gap Between Confidence and Readiness Among Industry Leaders Widens, ACI Worldwide Study Finds2.12.2025 08:00:00 CET | Press release
69% of payments executives see their organisations as leaders, yet fewer than half prioritise innovation as legacy systems and internal resistance slow progress Payments leaders remain confident about the pace of industry innovation, but many risk falling behind as expectations accelerate. New global research from ACI Worldwide (NASDAQ: ACIW) and Globant reveals a widening gap between confidence and readiness that could define industry leadership in 2026 and beyond. The report Payments in Transition: Leadership in an era of transformation, based on a survey of 500 industry leaders across North America, Europe, Latin America, Middle East & Africa, and Asia Pacific, shows that while 69% of executives consider their organisations to be payments leaders, fewer than half (44%) say payments innovation is a C-suite priority. This disconnect is driven by barriers that will become increasingly costly in the year ahead. More than half (55%) of executives admit they are not fully using the techno
Oulu Launches Its European Capital of Culture Year with a Three-day Opening Festival2.12.2025 07:00:00 CET | Press release
The Oulu2026 Opening Festival on 16–18 January 2026 transforms the city centre into a vibrant celebration of culture, community and northern creativity. It marks the beginning of a historic year and invites residents, visitors and partners from Finland, Europe and beyond to take part in a unique moment for Oulu and its 39 partner municipalities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251201071170/en/ In January, Oulu’s city centre will transform into the Oulu2026 Opening Festival area. Photo: Harri Tarvainen / City of Oulu image bank. “After years of preparation, Oulu2026 is finally here. The Opening Festival gives everyone a chance to be part of something that will only happen once, and it all begins in the heart of Oulu,” says Piia Rantala-Korhonen, CEO of Oulu2026. Almost 200 events, over 20 venues The Opening Festival presents a wide range of art and cultural experiences all over the city centre. From exhibitions
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom