Techtronic Industries profit climbs over 57% to US$524m in H1

The group also recorded “exceptional” sales growth of 52%.

Techtronic Industries Co. Ltd. (TTI) saw a 57.9% increase in profit to US$524m in the first half of 2021, up from US$332m in the corresponding period in 2020.

The group recorded an “exceptional” sales growth of 52% to US$6.39b in the same period from US$4.20b in the previous year.

“TTI’s first half results clearly demonstrate our leadership position, our momentum, and our future potential,” TTI CEO Joseph Galli said.

“Our high-speed new product machine allows us to expand the market and capture market share, while we continue to improve gross margin to record levels.”

The TTI Power Equipment segment in particular delivered sales growth of 55.3% to US$5.8b.

All geographies and business units contributed to this stellar performance in the first half of 2021.

Moreover, its flagship Milwaukee business delivered a 64.1% growth globally.

In addition, the Floorcare & Cleaning business accounted for 9.0% of total TTI sales, with sales increasing 25.3% to US$574m.

“At TTI, we have built an exceptional world-class team and we would like to recognize our outstanding global organization for delivering strong results,” TTI Chairman Horst Pudwill said.

“We are proud of the bold, strategic decisions we have made over the past 18 months to position ourselves for a strong second half of 2021.”