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 15^th 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