TECHTRONIC INDUSTRIES DELIVERS SOLID FIRST HALF 2024 RESULTS

KUALA LUMPUR, Aug 7 (Bernama) -- Techtronic Industries Co Ltd (TTI), a global leader in cordless technology, reported strong financial results for the first half of 2024 with net profit increased 15.7 per cent to US$550 million, while revenue grew 6.3 per cent to US$7.3 billion. (US$1=RM4.47)

“We delivered outstanding results in the first half of 2024, including generating strong Free Cash Flow and strengthening our balance sheet through disciplined working capital management,” said TTI Chairman, Horst Julius Pudwill in a statement.

Meanwhile, its Chief Executive Officer, Steven Philip Richman who was appointed to the role on May 21, said: “We remain laser focused on our strategy of investing in demonstrably better, technologically advanced new products and exceptional people to drive our growth.”

TTI’s gross margin improved 67 basis points to 39.9 per cent in the first half of 2024, while inventory reduced by US$554 million compared to the first half of last year.

The company’s flagship MILWAUKEE business delivered double-digit sales growth of 11.2 per cent in local currency, extending its position as the leading professional power tool brand worldwide.

Its earnings before interest and taxes (EBIT) grew 11.8 per cent to US$626 million over the comparable period in 2023, along with an increase of earnings per share of 15.8 per cent to US$30.12 cents.

Furthermore, TTI delivered a record first half Free Cash Flow of US$508 million and improved gearing to 9.2 per cent, an improvement of US$207 million from the first half of 2023, in which it is well positioned to continue driving strong Free Cash Flow conversion in the years to come.

The directors have resolved to declare an interim dividend of approximately US$13.90 cents per share, an increase of 13.7 per cent, for the six-month period ended June 30, 2024.

Founded in 1985, the global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries while maintaining high environmental, social and corporate governance standards.

-- BERNAMA