TTI DELIVERS SOLID 2023 FIRST HALF RESULTS
HONG KONG, Aug 10 (Bernama-BUSINESS WIRE) -- Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, OTCQX: TTNDY, TTNDF) is pleased to announce its results for the six months ended June 30, 2023. The Group delivered solid results for the first half of 2023, outpacing the market in sales performance and profit generation, while reducing inventory and delivering outstanding free cash flow. Overall sales declined 2.2% in reported currency, and 1.0% in local currency, to US$6.9 billion. TTI’s Flagship MILWAUKEE business grew 8.7% in local currency, while the Consumer businesses were down low double-digit, in part driven by inventory reduction initiatives within its network and customers.
TTI delivered solid results for the first half of 2023, outpacing the market in sales performance and profit generation, while reducing inventory and delivering outstanding free cash flow
Our Flagship MILWAUKEE business, which is the #1 global professional power tool brand, outperformed the market with 8.7% growth in local currency
Reduced inventory from the first half of 2022 by US$651 million
Delivered record first half Free Cash Flow of US$301 million, an improvement of US$649 million from the first half of 2022
Gross Margin expanded for the 15th consecutive first half to 39.3%, a 22 bps increase
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