Business Update: Reaffirming Second Half 2023 Sales Targets
- Techtronic Industries expects to exceed its mid-single digit revenue growth target for the second half of 2023 based on strong Q3 sales. The flagship Milwaukee business is outperforming with double-digit growth. The company is on track to achieve nearly US$1 billion in free cash flow for 2023.
- None.
Based on the strength of our third quarter sales, we are increasingly confident in our mid-single digit revenue growth target for the second half of 2023, as provided at the time of the 2023 Interim Results Announcement, Analyst and Investor Webcast in August 2023, with a potential to modestly exceed these expectations. All major business units and geographic regions have continued to contribute to our strong performance in the third quarter of 2023.
Our flagship
Our Consumer business remains in line with the first half of 2023, in part driven by continued inventory reduction initiatives and higher promotional expense. We have taken a cautious and targeted approach to new investments in our Consumer business while strategically managing down working capital, non-strategic SG&A and structural overhead.
We are well on track to meet our internal target of nearly
Recently our major customer, The Home Depot, recognized our outstanding performance in both the
We look forward to sharing our 2023 full year results in March 2024.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
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
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 RAFI™ All-World 3000 Index, FTSE4Good Developed Index, and MSCI ACWI Index. The Company also trades on the OTCQX Best Market under the symbols “TTNDY” and “TTNDF”. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG, OTCQX, and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. OTCQX is a registered trademark of OTC Markets Group Inc. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231025082423/en/
For Investor Relations enquiries:
Main Contact
TTI Investor Relations –
Ross Gilardi
Senior Vice President, Finance & Investor Relations
Email: ross.gilardi@ttihq.com
TTI Investor Relations –
Jimmy Li
Senior Manager, Investor Relations
Email: jimmy.li@tti.com.hk
Source: Techtronic Industries Co. Ltd.
FAQ
What is Techtronic Industries' revenue growth target for the second half of 2023?
How is the flagship Milwaukee business performing?