TTI Floor Care, Appliance Unit Sales Up 9.3 Percent in First Half
HONG KONG-The Floor Care and Appliance segment of Techtronic Industries (TTI) posted sales of $572 million in the first half of its fiscal year 2014, an increase of 9.3 percent over last year's first half.
The unit's sales performance was part of a period in which TTI set records for sales, gross margin and net income. Overall, the company's net sales were up 10.2 percent to $2.3 billion, and net income totaled $136 million, a gain of 15.9 percent. Gross margin picked up 100 basis points to finish the first half at 35 percent.
A TTI statement attributed its record-setting performance to "a series of successful new product launches and highly effective, targeted geographic expansion." Joseph Galli, the company's CEO, added that TTI also benefited from "a relentless focus on operational efficiency." Galli also said the company showed margin improvement from "aggressive productivity gains across our supply chain network."
Horst Pudwill, TTI's chairman, said, "With our ongoing focus on generating organic growth, improving operating margins and managing our robust balance sheet, we expect continued strong performance in the second half of 2014."