TECHTRONIC INDUSTRIES DELIVERS SOLID 2023 ANNUAL RESULTS

GROSS MARGIN EXPANDED TO 39.5%, FREE CASH FLOW INCREASED TO US$1.3 BILLION

HONG KONG, March 6, 2024 /PRNewswire/ — 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 15th consecutive year to 39.5%, a 14 bps increase, while cutting inventory US$987 million versus last yea

Full story available on Benzinga.com