TTI Boosts Net 59 Percent to Record $151 Million for Fiscal 2011
HONG KONG-Techtronic Industries (TTI), parent company of the Hoover, Dirt Devil and Vax floor-care brands, reported a record net income of $151 million for fiscal year 2011, 59 percent ahead of fiscal 2010.
Net sales for the fiscal year, which ended on Dec. 31, rose 8.4 percent to $3.7 billion. TTI also rode productivity gains in operations and its supply chain to a 40-basis point increase in gross margin, to 32.6 percent. A TTI statement did not include figures on operating expenses, but operating income (earnings before interest, taxes, depreciation and amortization) jumped 20.5 percent to $338 million for the year.
Horst Pudwill, TTI's chairman, said the company's business continued to expand in key markets in 2011, while managing costs and delivering higher margins.
Joseph Galli, CEO of TTI, said the company is developing technologically advanced products and platforms, designed to address end-user needs in performance, design and enhanced productivity. "We are successfully implementing this disruptive innovation model throughout all of our business units," Galli said.