Global floor care appliances and power tools maker Techtronic Industries Co. Ltd. (TTI) had record sales, gross margin, and profits in the first half of 2014.
TTI, based in Hong Kong, reported net profit attributable to shareholders of US $136 million, up 15.9% from $118 million in the first half of 2013. First-half 2014 sales were up 10.2%, to US $2.25 billion, from $2.04 billion in the first half of 2013.
TTI's Floor Care and Appliance segment grew 9.3% to US $572 million in sales.
TTI's Power Equipment segment sales in the first half of 2014 were US $1,678 million, up 10.5%, with strong organic growth in the professional and DIY power tool businesses.
TTI credits the growth to a series of successful product launches and targeted geographic expansion.
"With our ongoing focus on generating organic growth, improving operating margins, and managing our robust balance sheet, we expect continued strong performance in the second half of 2014," said TTI Chairman Horst Pudwill.
"New product introductions, geographic expansion and a relentless focus on operational efficiency propelled our continued outstanding performance," said TTI CEO Joseph Galli. "A highlight of our strong first half result was the 100 basis point improvement in gross margin increasing from 34% last year to 35% this year, through new products introduction and aggressive productivity gains across our supply chain network.”
TTI was founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990.
TTI brands include:
• power tools: Milwaukee, AEG (used under license from AB Electrolux), and Ryobi
• outdoor products: Ryobi and Homelite
• floor care and appliances: Hoover, Oreck, Vax, and Dirt Devil
to Daily News