Techtronic Industries Delivers Solid 2022 Annual Results
1.3.2023 14:27:00 EET | Business Wire | Press release
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
LTM Launches BlueVerse™ RightLogic to Address Cyber Risk in AI Era6.7.2026 12:12:00 EEST | Press release
LTM, the Business Creativity partner to the world’s largest enterprises, has launched BlueVerse™ RightLogic, a cybersecurity assessment and risk assurance framework designed to help enterprises identify, assess and remediate cyber exposure as they accelerate AI adoption. AI is now capable of autonomously identifying and exploiting vulnerabilities, while exposure across infrastructure, applications and supply chains continue to expand. This has elevated cyber risk from a technology concern to a board-level priority, with enterprises struggling to maintain visibility and respond at the speed of emerging threats. BlueVerse RightLogic addresses this gap by providing a unified, business-aligned view of enterprise exposure and enabling a shift from fragmented, point-in-time assessments to continuous, evidence-led risk management. The framework combines an end-to-end AI and cyber exposure assessment engine with a structured execution model that spans from assessment to remediation. At the cor
Media Release: Financial Worries Rise and Match Health Concerns as Cost-of-Living Pressures Mount in 20266.7.2026 11:00:00 EEST | Press release
Households around the world are feeling the strain of the rising cost of living, with financial pressure increasingly shaping everyday choices and long-term confidence. Finances and health are now tied as the top global worries, at 48% each, followed by concerns about the future at 35%, according to consumer surveys in 10 countries published in “The Allianz 3am Report 2026.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260703907741/en/ Allianz / IPSOS “What Worries the World” Study, April – June 2026. Financial worries, which include concerns about “rising cost of living” (71%) and “insufficient income” (51%), increased in seven out of eight countries surveyed year over year, moving up in the ranking of top three worries in Brazil, France, Germany, and the U.K., while remaining stable in Italy. The strongest increases are observed in Australia and Indonesia, where financial concerns have remained the leading worry, as well
HAZAMA ANDO Becomes an Official Partner in Helical Fusion’s Commercial Fusion Initiative and Signs MoU Toward Construction of the Fusion Pilot Plant6.7.2026 09:40:00 EEST | Press release
Helical Fusion Co., Ltd. (“Helical Fusion”), a Japan-based fusion energy startup developing fusion power plants, and HAZAMA ANDO CORPORATION (“HAZAMA ANDO”), a long-established Japanese general contractor, today announced that HAZAMA ANDO has become an Official Partner in the Helix Program, Helical Fusion’s commercial fusion initiative. The two companies have also signed a memorandum of understanding (“MoU”) to collaborate toward the construction of Helix KANATA, Helical Fusion’s Fusion Pilot Plant targeted for the 2030s. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260706176052/en/ (L-R) Kazuhiko Kuniya (Representative Director and President, HAZAMA ANDO CORPORATION) and Takaya Taguchi (Co-Founder and CEO, Helical Fusion Co., Ltd.) at a press conference in Tokyo on July 6, 2026. Fusion energy has the potential to shift the foundation of energy from natural resources to advanced technology by reproducing, on Earth, the sam
Sofinnova Partners Announces Myricx Bio Agrees to Be Acquired by Novartis6.7.2026 08:15:00 EEST | Press release
Sofinnova Partners, a leading European life sciences venture capital firm, today announced that its portfolio company Myricx Bio (“Myricx”) has reached agreement to be acquired by Novartis, for up to $1.5 billion including $1.1 billion cash upfront plus potential milestone payments. This marks Sofinnova Partners' seventh exit in three years. Myricx Bio is a UK-headquartered transatlantic biotech company focused on the discovery and development of a novel class of payloads for antibody-drug conjugates. The company's platform is built around next-generation N-myristoyltransferase inhibitor (NMTi) payloads, a differentiated mechanism of action designed to address the narrow therapeutic windows and tolerability challenges that have limited earlier generations of ADCs, such as TOPO-1 and tubulin inhibitor payload classes. Myricx Bio's two lead ADC assets, directed towards the established targets B7-H3 and HER2, are designed to bring this differentiated approach to patients across a broad ra
Global New Material International Wins Technology Innovation Best Practice Award at Sino-European ESG Conference6.7.2026 06:59:00 EEST | Press release
Global New Material International Holdings Ltd. has received the Technology Innovation Best Practice Award at the Third Sino-European Corporate ESG Best Practice Conference recently in Mainz, Germany, in recognition of its efforts to advance sustainable development through material innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260705533555/en/ Thorsten Giehler (L), Director of the Economic, Social Development and Employment Division of The German Society for International Cooperation (GIZ), delivered the award to Zhou Fangchao, Executive Director and Vice President of Global New Material International. The annual conference, initiated by the Chinese Consulate General in Frankfurt and jointly organized with Chinese and European partners, recognizes corporate best practices in environmental, social and governance (ESG) performance. This year's event brought together government officials, business leaders and exper
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