TECHTRONIC INDUSTRIES DELIVERS SOLID 2023 ANNUAL RESULTS
- news2u
- Mar 8, 2024
- 1 min read
Gross Margin Expanded to 39.5%, Free Cash Flow Increased to US$1.3 Billion
HONG KONG, March 7 (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 the audited consolidated results of the Company and its subsidiaries for the year ended December 31, 2023. TTI delivered US$13.7 billion of sales in 2023, up 3.6% in reported growth and 3.9% in local currency. Both the MILWAUKEE and our Consumer group of businesses gained momentum in the second half of 2023.
• TTI delivered record free cash flow of US$1.3 billion while outperforming the market in sales growth and profit generation
• Our Flagship MILWAUKEE business grew sales 10.7% in local currency
• We improved Gross Margin for the 15th consecutive year to 39.5%, a 14 bps increase, while cutting inventory US$987 million versus last year
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