TECHTRONIC-INDUSTRIES
11.8.2021 16:19:12 CEST | Business Wire | Press release
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 52.0% to US$6.4 billion. Gross margin improved for the 13th consecutive first half to 38.6%, and the growth in EBIT, net profit, and earnings per share all outpaced sales growth. EBIT increased 57.4% to US$572 million, net profit rose 57.9% to US$524 million, and earnings per share increased 57.8% to approximately US28.62 cents per share.
- 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 |
+52.0% |
Gross profit margin |
38.6% |
38.0% |
+58 bps |
EBIT |
572 |
363 |
+57.4% |
Profit attributable to Owners of the Company |
524 |
332 |
+57.9% |
Basic earnings per share (US cents) |
28.62 |
18.14 |
+57.8% |
Interim dividend per share (approx. US cents) |
10.94 |
6.82 |
+60.4% |
*For the six-month period ended June 30, 2021 |
|||
Working capital as a percent of sales finished at 18.3%, below TTI’s goal of 20.0% or less. The Group continues to strategically build inventory to support its exceptional above market growth, to serve its customers with consistently high service levels, and to insulate the company from potential critical component shortages.
The TTI Power Equipment segment delivered sales growth of 55.3% to US$5.8 billion. All geographies and business units contributed to this stellar performance in the first half of 2021. The flagship Milwaukee business delivered an astounding 64.1% growth globally. RYOBI performed exceptionally well across all brands with solid double-digit growth in all categories and geographies. In addition, the Floorcare & Cleaning business accounted for 9.0% of total TTI sales, with sales increasing 25.3% to US$574 million.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005604/en/
Link:
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
Great Britain Leads Europe’s FMCG Inflation as NIQ Launches New Inflation Barometer6.8.2026 09:00:00 CEST | Press release
NIQ (NYSE: NIQ) today launches its new EU5 FMCG Inflation Barometer - a monthly tracker across five Western Europe markets – France, Great Britain, Germany, Italy and Spain – designed to help retailers, manufacturers and the media understand how inflation is evolving across Europe’s largest grocery markets and how shoppers are responding. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806579111/en/ EU5 CPG Inflation slows to +1.1% The first edition of the Barometer reveals that while inflation across Europe’s FMCG sector remains relatively contained overall, significant differences persist between countries. Key findings include: Great Britain recorded the highest FMCG inflation across the EU5 at +2.3%1, above the European average of +1.1%. France and Italy reported the lowest inflation at -0.4% and +0.6% retrospectively, highlighting the uneven inflationary landscape across Europe's major economies. The monthly Barometer
NTT DOCOMO BUSINESS and Chile’s State-owned Copper Company CODELCO Launch a Study and Proof of Concept Aimed at Improving the Efficiency of Remote Copper Mine Operations Using IOWN® APN6.8.2026 06:30:00 CEST | Press release
NTT DOCOMO BUSINESS, Inc. (formerly NTT Communications Corporation) has launched a study and proof of concept jointly with Corporación Nacional del Cobre de Chile (CODELCO) to progress remote operations at CODELCO’s copper mines using an IOWN® All-Photonics Network (APN).1 This initiative is part of a research project commissioned by Japan’s Ministry of Internal Affairs and Communications.2 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806845222/en/ Conceptual Diagram of the Demonstration To address operational challenges faced by CODELCO’s copper mines, the initiative will connect a copper mine and a remote operations center—approximately 1,500 km apart—via an IOWN APN. It will assess the feasibility of remotely operating heavy machinery using high-capacity, low-latency communication links, enhancing monitoring operations through high-definition video, and implementing a remote operations model. 1. Background Chile is o
FPT Named an OpenAI Select Partner6.8.2026 02:00:00 CEST | Press release
Global IT corporation FPT today announced that it has been named an OpenAI Select Partner within the OpenAI Partner Network. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260805503787/en/ FPT Named an OpenAI Select Partner The OpenAI Partner Network is a global program for partners to build, sell, and deliver AI solutions with OpenAI. It brings together partners with deep industry expertise, delivery capabilities, and customer relationships while equipping them with resources, enablement, and support to help enterprises adopt OpenAI frontier models and products and turn them into measurable impact. As an OpenAI Select Partner, FPT will continue working with OpenAI to help organizations build, deploy, and scale AI solutions responsibly and effectively. This work will help organizations get more useful work from every token and stronger performance per dollar with GPT‑5.6, while using ChatGPT Work to turn ambitious goals into
U.S. FDA Approves Takeda’s ORZEYFUL™ (oveporexton), the First and Only Medicine to Treat the Underlying Cause of Narcolepsy Type 16.8.2026 00:10:00 CEST | Press release
Adults Taking ORZEYFUL Experienced Significant and Meaningful Improvements Across the Full Range of Symptoms of Narcolepsy Type 1 (NT1) in Clinical Trials Compared to Those on Placebo As a First-in-Class Orexin Treatment, ORZEYFUL has the Potential to Redefine NT1 Care Beyond Individual Symptoms Takeda is Advancing U.S. Launch Preparations and Expects to Make ORZEYFUL Available Following Completion of the Drug Enforcement Administration (DEA) Scheduling Process Takeda (TSE:4502/NYSE:TAK) announced that the U.S. Food and Drug Administration (FDA) approved ORZEYFUL™ (oveporexton), an oral orexin receptor 2 (OX2R) agonist, for the treatment of narcolepsy type 1 (NT1, narcolepsy with cataplexy) in adults.* The persistent 24-hour nature of NT1 is driven by orexin deficiency and can severely impact people’s lives. As a first-in-class orexin treatment, ORZEYFUL is the only medicine indicated in the U.S. to treat the disease holistically rather than individual symptoms. “The FDA approval of OR
Compass Pathways Announces New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)5.8.2026 22:30:00 CEST | Press release
Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to unlocking urgently needed new treatment options in mental health care, announced today that Compass granted equity awards under the Compass Pathways plc 2026 Inducement Plan to fourteen newly hired non-executive employees. The equity awards were granted on August 3, 2026 and consisted of options to purchase an aggregate of 139,355 shares and restricted share units or, in the case of employees in the United Kingdom nominal cost options, covering an aggregate of 66,300 shares. The options have an exercise price per share equal to $11.25, the closing price of the Company’s American Depositary Shares on the Nasdaq Global Select Market on the grant date, and will vest over a four-year period with 25% vesting on the first anniversary of the date of the grant and the remaining 75% vesting in equal monthly installments over the three-year period thereafter, subject to each employee’s continued employment. The restricted
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