Thursday March 20th, 2014 - 1:21PM
For the fiscal year ended December 31, TTI Industries Co. Ltd., which controls the Hoover, Dirt Devil and, based on a recent acquisition, Oreck brands, posted a sales gain of 24.5% to $250 million, with earnings per share increasing by 19.8% over 2012 to $13.68 cents. Sales advanced 11.6% over 2012 to $4.3 billion as continued investment in new products delivering double-digit sales growth across geographic regions, the company reported.
Sales in North America increased 11.2% to $3.12 billion, according to a company presentation.
Although sales of TTI's largest business segment, Power Equipment, rose by 9.8% to $3.1 billion, the company noted that its share of business slipped about one percentage point to 73.1% of the total versus 74.4% in 2012. According to the presentation, sales in the Floor Care segment, it’s other major business, gained 17% to $1.16 billion. Operating profit in the Floor Care segment increased quicker, too, up 32.4% to $52 million versus 14.2% in Power Equipment to $261 million.
Horst Pudwill, TTI chairman, said in comments on the financial results, "I am pleased to announce that TTI delivered another record year for sales, gross margin and profit in 2013. We are excited about our positive momentum and are well positioned to build on our record financial performance through our continued commitment to innovation and superior products."
Joseph Galli, CEO of TTI, stated that 2013 “was an outstanding year for TTI that validates our relentless focus on innovative product development and global market expansion, supported by disciplined cash management, continuous process improvements, and a deeply committed customer-oriented global team.”