Techtronic Industries Closes 2023 With Solid Annual Results

KUALA LUMPUR, March 7 (Bernama) -- Techtronic Industries Co Ltd (TTI), a global leader in cordless technology, delivered US$13.7 billion of sales in 2023, up 3.6 per cent in reported growth and 3.9 per cent in local currency, in the financial year ended Dec 31, 2023. (US$1=RM4.71)

“TTI is poised for continued market outperformance in 2024. We are relentlessly focused on developing innovative cordless products with advanced electronics, cutting-edge motor technology, and artificial intelligence.

“With a healthy balance sheet, solid cash position, and strong growth outlook, we look forward to 2024 with confidence,” said TTI Chairman, Horst Pudwill in a statement.

Meanwhile, its Chief Executive Officer, Joseph Galli said: “Our exceptional results over the past 15 years have consistently surpassed overall market performance. 2024 will be no exception, as we are poised to outperform the market yet again.

“Our strength in cordless innovation, new product development, operational excellence, and in-field marketing initiatives are unparalleled in the industry and give TTI an unassailable competitive advantage,” he added.

Both its flagship MILWAUKEE and Consumer group of businesses gained momentum in the second half of 2023 in which MILWAUKEE posted 10.7 per cent full year sales growth in local currency, while Consumer group also delivered positive sales growth and are well positioned to continue gaining traction in 2024.

However, TTI’s net profit fell 9.4 per cent to US$976 million which was partially driven by significant increases in interest rates over the period, resulting in higher interest expense. Earnings per share also declined 9.3 per cent to US$53.36 cents.

Despite that, the company’s gross margin improved 14 basis points to 39.5 per cent in 2023, given the significant US$987 million inventory reduction versus last year.

The Board is recommending a final dividend of HKD98.00 cents (approximately US$12.61 cents) per share. Together, with the interim dividend of HKD95.00 cents (approximately US$12.23 cents) per share, which will result in a full-year dividend of HKD193.00 cents (approximately US$24.84 cents) per share.

-- BERNAMA