Techtronic Industries Co. Ltd. Thrives in H1 2023, MILWAUKEE Shines
Global leader Techtronic Industries Co. Ltd. (TTI) has showcased exceptional performance in H1 2023, surpassing market expectations. Despite a 2.2% sales decline ($6.9 billion), TTI's flagship brand MILWAUKEE achieved an impressive 8.7% growth in local currency.
- MILWAUKEE's Impressive Growth: The flagship brand outperformed with an 8.7% local currency growth.
- Effective Inventory Management: TTI reduced inventory by $651 million, showcasing smart strategies.
- Record Free Cash Flow: Achieved a record H1 free cash flow of $301 million, a $649 million improvement.
- Consistent Gross Margin Expansion: Gross margins expanded for the 15th consecutive first half to 39.3%, a 22 bps increase.
Financial Snapshot for H1 2023:
- Revenue: $6,879 million (2.2% decrease from 2022)
- Gross Profit Margin: 39.3% (22 bps increase from 2022)
- EBIT: $560 million (11.5% decrease from 2022)
- Profit attributable to Owners: $476 million (17.7% decrease from 2022)
- EPS: $0.26 (17.7% decrease from 2022)
- Free Cash Flow: $301 million (improvement from -$348 million in 2022)
- Interim Dividend Per Share: Approx. $0.1223 (unchanged from 2022)
- North America: 3.9% sales decline in local currency.
- Europe: 10.1% growth in local currency, led by strong management.
- Rest of the World: 5.7% growth in local currency, including Australia and Asia.
Horst Pudwill, Chairman of TTI, highlighted commitment to tech and innovation. Joseph Galli, CEO, praised sales, inventory reduction, and positive free cash flow while investing in the future.
TTI remains dedicated to innovation, operational excellence, and sustainable growth.
TTI is a global powerhouse in cordless technology, covering Power Tools, Outdoor Power Equipment, Floorcare, and Cleaning Products. With brands like MILWAUKEE and RYOBI, TTI leads in advancing cordless tech and product innovation.
For more, visit www.ttigroup.com.