TECHTRONIC INDUSTRIES DELIVERS STRONG 2024 FIRST HALF RESULTS

Core Insights - Techtronic Industries Co. Ltd. (TTI) reported strong financial performance for the first half of 2024, with sales reaching US $7.3 billion, a 6.3% increase compared to the same period in 2023 [2][3] - The company's net profit increased by 15.7% to US$ 550 million, reflecting effective cost management and operational efficiency [2][3] - TTI's gross margin improved by 67 basis points to 39.9%, indicating enhanced profitability [2][3] Financial Performance Highlights - Revenue for the first half of 2024 was US $7,312 million, up from US$ 6,879 million in 2023, marking a 6.3% increase [3] - Gross profit margin rose to 39.9% from 39.3% in the previous year [3] - Earnings Before Interest and Taxes (EBIT) increased by 11.8% to US $626 million [3] - Earnings per share (EPS) grew by 15.8% to US30.12 cents [3] - Free Cash Flow reached a record US$ 508 million, an increase of US $207 million from the first half of 2023 [3] Segment Performance - The Power Equipment segment achieved sales growth of 7.1% in local currency, totaling US$ 6.9 billion [4] - The MILWAUKEE brand experienced double-digit sales growth of 11.2% in local currency [4] - The Consumer group, particularly RYOBI, showed mid-single digit sales growth, while the Floorcare and Cleaning business maintained revenue of US$428 million [4] Dividend Declaration - An interim dividend of HK108.00 cents (approximately US13.90 cents) per share was declared, up from HK95.00 cents (approximately US12.23 cents) in 2023 [5] Leadership and Strategy - Steven Philip Richman was appointed as CEO on May 21, 2024, succeeding in a leadership role to drive the company's growth strategy [2][6] - The company emphasizes investment in innovative products and exceptional talent to maintain its market leadership [7]