Floor Care, Tools Drive TTI First Half Growth

In the first half of fiscal 2014, Techtronic Industries Co. Ltd. reported that profit attributable to shareholders reached US$136 million, up 15.9% over the 2013 period. Basic earnings per share was US 7.45 cents, also 15.9% higher than was the case in last year’s period, the company noted.

Sales gained 10.2% in the six-month period year over year to US$2.25 billion, according to TTI.

The company’s Power Equipment segment delivered sales of US$1.68 billion, up 10.5%, while Floor Care and Appliance segment sales grew 9.3% to US$572 million.

Horst Pudwill, TTI chairman said in announcing the financial results, “With our ongoing focus on generating organic growth, improving operating margin and managing our robust balance sheet, we expect continued strong performance in the second half of 2014. We are excited about our momentum and are well-positioned to build on our record first half performance.”

Joseph Galli, TTI CEO added, “New product introductions, geographic expansion and a relentless focus on operational efficiency propelled our continued outstanding performance. 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.”