Techtronic Industries Delivers Solid 2023 Annual Results
Gross Margin Expanded to 39.5%, Free Cash Flow Increased to
-
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
Financial Performance Highlights for 2023 |
|
|
|
|
2023*
|
2022
|
Changes |
Revenue |
13,731 |
13,254 |
+3.6% |
Gross profit margin |
39.5% |
39.3% |
+14bps |
EBIT |
1,135 |
1,201 |
(5.5%) |
Profit attributable to Owners of the Company |
976 |
1,077 |
(9.4%) |
Basic earnings per share (US cents) |
53.36 |
58.86 |
(9.3%) |
Free Cash Flow |
1,281 |
329 |
+952m |
Dividend per share (approx. US cents) |
24.84 |
23.81 |
+4.3% |
*For the year ended
Gross margin improved 14 bps to 39.5% in 2023. This gross margin improvement is highly encouraging given the significant
The TTI Power Equipment segment delivered sales of
The Board is recommending a final dividend of HK98.00 cents (approximately US12.61 cents) per share. Together, with the interim dividend of HK95.00 cents (approximately US12.23 cents) per share, this will result in a full-year dividend of HK193.00 cents (approximately US24.84 cents) per share.
Mr.
Mr.
Forward-Looking Statements
This announcement contains certain forward-looking statements or uses certain forward-looking terminologies which are based on the current expectations, estimates, projections, beliefs and assumptions of TTI about the businesses and the markets in which the Group operates and reflect TTI’s views as of the date of this announcement. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of TTI. Therefore, actual outcomes and returns may differ materially from the assumptions made and the statements contained in this announcement.
About TTI
TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the DIY, consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence - reflecting an expansive long-term vision to advance cordless technology. 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. TTI's powerful brand portfolio includes
Founded in 1985 and listed on The
All trademarks listed other than
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306362271/en/
For Investor Relations enquiries:
Main Contact
TTI Investor Relations –
Senior Vice President, Finance & Investor Relations
Email: ross.gilardi@ttihq.com
TTI Investor Relations –
Senior Manager, Investor Relations
Email: jimmy.li@tti.com.hk
Source: