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$987 million versus last yea
Financial Performance Highlights for 2023
2023*
US$’
million
2022
US$’
million
Changes
Revenue
13,731
13,254
+3.6 %
Gross profit margin
39.5 %
39.3 %
+14bps
EBIT
1,135
1,201
(5.5 %)
Profit attributable to Owners of the Company
976
1,077