TTI Net Profit Jumps 73 Percent in First Half
HONG KONG-Net profit for Techtronic Industries (TTI), parent company of the Hoover and Dirt Devil floor-care brands, reached $80 million in net income in the first half, up 73 percent over the first half of last year.
The company achieved this on the back of a gain in sales of 11 percent, totaling $1.8 billion. This increase included a pickup of 10.4 percent in sales for the Floor Care and Appliance business unit, which TTI attributed to "the continuation of product innovation under the Hoover, Dirt Devil and Vax brands." Also, the company's North American sales achieved high single-digit growth, TTI said.
Data on selling, general and administrative expenses and gross margin were not broken out in a TTI statement, but the company said it achieved "continuous gross-margin improvement" in the first half. In addition, operating income rose by 20 percent to $170 million.
Horst Pudwill, TTI's chairman, said, "We enter the second half with strong momentum across our businesses and are firmly positioned to build on the positive results of the first half."