Techtronic Industries Delivers Solid 2022 Annual Results
Global power equipment and floorcare & cleaning company Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, ADR symbol: TTNDY) is pleased to announce the audited consolidated results of the Company and its subsidiaries for the year ended December 31, 2022. TTI demonstrated the resilience of its business model in 2022 in a more challenging operating environment. After nearly doubling the revenue base from 2018 to 2021, the Group delivered 2.8% local currency sales growth in 2022 due to the extraordinary growth of the MILWAUKEE business.
- Our flagship MILWAUKEE business grew 21.8% in local currency
- Free cash flow increased in the second half to finish the year at US$329 million
- Gross margin improved for the 14th consecutive year to 39.3%, up 54 basis points
|
Financial Performance Highlights for 2022 |
|
|
|
||||||
|
|
2022*
|
2021
|
Changes |
||||||
|
Revenue |
13,254 |
|
13,203 |
|
+0.4% |
||||
|
Gross profit margin |
39.3 |
% |
38.8 |
% |
+54bps |
||||
|
EBIT |
1,201 |
|
1,192 |
|
+0.8% |
||||
|
Profit attributable to Owners of the Company |
1,077 |
|
1,099 |
|
(2.0 |
%) |
|||
|
Basic earnings per share (US cents) |
58.86 |
|
60.04 |
|
(2.0 |
%) |
|||
|
Dividend per share (approx. US cents) |
23.81 |
|
23.81 |
|
- |
|
|||
*For the year ended December 31, 2022
Gross margin improved for the 14th consecutive year, from 38.8% in 2021 to 39.3% in 2022. TTI EBIT increased 0.8% to US$1.2 billion with margin up slightly to 9.1%. Net Profit declined 2.0% to US$1.1 billion due to higher interest expense. Earnings per share declined 2.0% to US58.86 cents. The Group generated free cash flow of US$329 million, with a tremendous improvement in the second half. Working capital to sales finished the year at 21.2% compared to 20.9% a year ago. Importantly, days of finished goods inventory declined 3 days to 113 days at year end.
TTI’s Power Equipment business, representing 93.0% of total sales, grew 5.5% in local currency. MILWAUKEE grew 21.8% in local currency, offsetting declines in our consumer and floorcare businesses. In the Power Equipment business, TTI generated low double-digit organic growth in Europe and ROW along with positive growth in the core North American business.
The Board is recommending a final dividend of HK90.00 cents (approximately US11.58 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 HK185.00 cents (approximately US23.81 cents) per share, same as last year.
Mr. Horst Pudwill, Chairman of TTI, said, “With a strong increase in free cash flow and a healthy balance sheet, TTI is well positioned to further expand our global industrial, professional and consumer leadership position. We are highly confident in our ability to continue driving market share gains and to outperform the market in 2023.”
Mr. Joseph Galli, CEO of TTI, commented, “TTI is well positioned to outperform the market in 2023. We have not only right-sized our SG&A cost base, but also streamlined our fixed overhead position and prudently managed our production levels while developing a stream of innovative new products.”
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 MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is one of the constituent stocks of the Hang Seng Index, Hang Seng Corporate Sustainability Benchmark Index, FTSE RAFITM All-World 3000 Index, FTSE4Good Developed Index, and MSCI ACWI Index. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005567/en/
Contact information
For Investor Relations enquiries:
M
ain
TTI Investor Relations
Tel: +1 (954) 541-9660
Email: ir@ttihq.com
Asia/Pacific
TTI Investor Relations
Tel: +(852) 2402 6888
Email: ir@tti.com.hk
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
EIG Acquires a 49.87% Stake in Transportadora de Gas del Perú (TgP)19.12.2025 19:42:00 EET | Press release
EIG, through its managed investment vehicles, acquired a 49.87% equity stake in Transportadora de Gas del Perú S.A. (“TgP”) from Canada Pension Plan Investment Board today. TgP operates Peru’s principal natural gas and natural gas liquids pipelines under a long-term concession, supplying approximately 40% of the country’s power generation. “We are delighted to complete this transaction and embark on the next chapter of our partnership with TgP,” said Matt Hartman, EIG’s Global Head of Infrastructure. “Our priority is to support TgP’s operational excellence and long-term stability, delivering value for customers and stakeholders throughout Peru.” About EIG EIG is a leading institutional investor in the global energy and infrastructure sectors with $24.3 billion assets under management as of September 30, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $51.7 billion to the energ
CyberArk Named a Leader in IDC MarketScape: Worldwide Integrated Solutions for Identity Security 202519.12.2025 18:00:00 EET | Press release
CyberArk (NASDAQ: CYBR), the global leader in identity security, today announced that it has been recognized as a Leader in the IDC MarketScape: Worldwide Integrated Solutions for Identity Security 2025 Vendor Assessment. CyberArk extends dynamic privilege controls across all identity types with its unified platform, enabling organizations to improve efficiencies and streamline security operations. This IDC MarketScape report notes, “More change has occurred in the identity security marketplace in the past two years than in almost a decade. Vendors are entering a new phase defined by the emergence of intelligence technologies, none of which are specifically defined by any industry standards. Though different by design, the new adjacent IAM offerings are largely focused on improved vulnerability and threat management visibility and automated and predictive attack detection capabilities.” It also notes, “By addressing these evolving identity types within a unified framework, CyberArk enh
New York Liberty and Ant International’s Alipay+ Announce Multiyear Partnership Focused on Empowerment, Sustainability and Youth Development19.12.2025 15:30:00 EET | Press release
The New York Liberty and Ant International’s Alipay+, a leading cross-border fintech services platform based in Singapore, today announced a multiyear partnership, making Alipay+ an Official Sponsor and Innovation Partner for Sustainability of the New York Liberty. Through this partnership, Alipay+ and the Liberty will jointly support community programs designed to advance community empowerment, environmental sustainability and youth development across New York City. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251219678825/en/ Peng Yang, CEO, Ant International and Clara Wu Tsai, Vice Chair, Brooklyn Sports and Entertainment; Governor, New York Liberty “Our partnership with Alipay+ goes beyond the game,” said Keia Clarke, Chief Executive Officer, New York Liberty. “Together, we are investing in the future of New York—its people, its environment, and its youth. Ant International’s commitment to community empowerment, sustai
Parse Biosciences and Codebreaker Labs Partner to Apply Whole Transcriptome Single Cell Profiling and Causal Genomics at Scale19.12.2025 15:00:00 EET | Press release
Parse Biosciences, the leading provider of scalable and accessible single cell sequencing solutions, today announced a collaboration with Codebreaker Labs to develop and validate a breakthrough platform capable of testing thousands of genetic variants in parallel and measuring their effects at single cell resolution. By combining Codebreaker’s synthetic biology platform and variant engineering capabilities with the scale and accessibility of Parse’s Evercode™ technology, the collaboration aims to generate the causal data increasingly sought by AI developers, drug discovery teams, and clinical researchers. Today’s genomic studies rely heavily on observational data, or variants that appear in large populations. But rare and private variants, often only seen in one individual or family, are nearly impossible to study this way because too few carriers of the variant exist to draw statistically meaningful conclusions. As a result, even the most advanced models trained on observational datas
Cyviz Awarded Two Classified NATO Defense Contracts19.12.2025 09:00:00 EET | Press release
Norwegian technology and platform company Cyviz AS has been awarded two classified defense contracts by major European NATO-partner nations to deliver a fully mobile, containerised Command & Control (C2) capability, strengthening Europe’s operational readiness in high-threat and expeditionary environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251218625485/en/ Image from a previous military exercise where Cyviz demonstrated a mobile command center solution. The contracts cover the design, integration, and delivery of secure, deployable operations centres engineered to NATO security standards, enabling military and security forces to establish full theatre-class command capability wherever operations require. Due to the sensitive nature of the missions, contract value and customer identities remain undisclosed. From Demonstrated Readiness to Operational Deployment The awards follow growing interest among European def
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom