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TTI Earnings Jump 15.9%

Milwaukee and Ryobi parent company sales rose 10.6 percent year-over year for first half of 2014.


Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. said its profit jumped 15.9% in the first half of 2014 to $136 million.

Sales rose by 10.2% over the six month period to $2.25 billion, compared to $2.04 billion in the same period last year.

The Power Equipment segment delivered sales of $1.67 billion, a 10.5% sales increase, and generated "exceptional" organic growth in the professional and DIY power tool businesses, the company said. The Floor Care and Appliance segment grew 9.3% to $572 million in sales. "The company's double digit sales growth is a result of a series of successful new product launches and highly effective, targeted geographic expansion," according to a company statement.

"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. We are excited about our momentum and are well-positioned to build on our record first half performance," said chairman Horst Pudwill.

Joseph Galli, 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."

TTI brands include Milwaukee, AEG and Ryobi power tools.

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