TTI Delivers Exceptional 2020 Results
Techtronic Industries Co. Ltd. (TTNDY) reported strong financial results for the year ended December 31, 2020, with revenues reaching US$9.8 billion, marking a 28.0% increase from 2019. The company achieved a 38.3% gross profit margin, up 52 basis points, reflecting consistent product innovation. Net profit surged 30.2% to US$801 million, with earnings per share rising 30.1% to 43.80 cents. TTI also increased its dividend by 31.1%, signaling strong financial health and commitment to shareholders.
- Revenue grew 28.0% to US$9.8 billion.
- Gross profit margin improved to 38.3%, a 52 basis point increase.
- EBIT increased by 29.0% to US$868 million.
- Net profit rose 30.2% to US$801 million.
- Earnings per share grew 30.1% to 43.80 cents.
- Full-year dividend increased by 31.1% to approximately US17.37 cents per share.
- None.
HONG KONG, March 3, 2021 /PRNewswire/ --
Highlights | |||
2020* US$' | 2019 | ||
million | million |
Changes | |
Revenue | 9,812 | 7,667 | + |
Gross profit margin | +52 bps | ||
EBIT | 868 | 673 | + |
Profit attributable to Owners of the Company | 801 | 615 | + |
Basic earnings per share (US cents) | 43.80 | 33.67 | + |
Dividend per share (approx. US cents) | 17.37 | 13.26 | + |
*For the year ended December 31, 2020 |
- Exceptional 2nd half sales growth of +
42.3% - Full year organic sales growth of over US
$2.1 billion , +28% - Gross margin improved for the 12th consecutive year to
38.3% , up +52 basis points - Net profit growth of
30.2% to US$801 million
Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) announced its results for the financial year ended December 31, 2020. The Group reported sales of US
Gross margin improved for the 12th consecutive year, from
EBIT increased
The Board is recommending a final dividend of HK82.00 cents (approximately US10.55 cents) per share. Together, with the interim dividend of HK 53.00 cents (approximately US6.82 cents) per share, this will result in a full-year dividend of HK135.00 cents (approximately US17.37 cents) per share, against HK103.00 cents (approximately US13.26 cents) per share in 2019, an increase of
TTI's Power Equipment business, representing
Mr. Horst Pudwill, Chairman of TTI, said, "TTI is well positioned to continue outperforming the market, with a strong balance sheet and a disciplined fixed and working capital management process. We are positioned to capitalize on the many growth opportunities we have identified in the months and years ahead."
Mr. Joseph Galli, CEO of TTI, commented, "It is our unrelenting bold vision, customer focus and business momentum that will make 2021 another successful year and position TTI with exciting opportunities in the decade to come."
About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare Cleaning Products and Solutions for the 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 a long-term expansive 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. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.
TTI is one of the constituent stocks of the Hang Seng Index, FTSE Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
For enquiries:
Techtronic Industries Co. Ltd. | Strategic Financial Relations Limited |
Isabella Chan | Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk |
Tel: +(852) 2402 6495 | Adrianna Lau +(852) 2114 4987 adrianna.lau@sprg.com.hk |
Email: isabella.chan@tti.com.hk | Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk |
Website: www.ttigroup.com | Website: www.sprg.com.hk |
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SOURCE Techtronic Industries Co. Ltd.
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