Techtronic Industries Company (TTI), global producer of floor care appliances and power tools, reported record sales and profits in the second quarter of its current fiscal year, with gross margin up for a sixth consecutive period.
In the first half of the year, TTI's net profit attributable to shareholders was US$118 million, up 22.0% over the first half of 2012.
Group sales were up 10.1% in the first half, to $2,042 million.
TTI CEO Joseph Galli attributed the company's financial performance to a continuous flow of new product launches, category expansion, product mix, and a focus on operational efficiency.
The gross margin improvement came about due to new products, investment in developing the company's lithium strategy, category expansion, product mix, and manufacturing and supply chain efficiencies.
The company had strong sales growth in core businesses across all key regions, including North America, Europe, and Australia.
"Our powerful new product development machine has put TTI in a position to continue growing and driving profitability to new levels," said Chairman Horst Pudwill.
TTI floor care appliances brands include Hoover, Dirt Devil, and Vax.
Power tools and outdoor products brands include Milwaukee, AEG, Ryobi, and Homelite.
The company recently acquired floor-care maker Oreck Corp., based in Nashville, TN.
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