Techtronic Industries Delivers Solid 2023 Annual Results
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$987 million versus last year
Financial Performance Highlights for 2023 |
2023*
US$’
million
2022
US$’
million
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