TTI Posts Record Profit, Sales for 2013
HONG KONG-Techtronic Industries (TTI)--parent company of the Hoover, Dirt Devil and Oreck floor-care brands--set records for net income and sales in its fiscal year 2013.
Net income for the year jumped 24.5 percent to $250 million. Net sales (referred to as turnover in TTI's statement on its results) totaled $4.3 billion, up 11.6 percent from fiscal 2012, owing to the company's "continued investment in new products delivering double-digit sales growth in all geographic regions," according to the statement. Gross margin gained 70 basis points to finish the year at 34.2 percent, benefitting from productivity gains in TTI's operations and sourcing, the introduction of new products, cost-improvement programs and continued investment in automation and lean-manufacturing initiatives.
Joseph Galli, TTI's CEO, called 2013 "an outstanding year for TTI that validates our relentless focus on innovative product development and global market expansion, supported by disciplined cash management, continuous process improvements and a deeply committed, customer-oriented global team. We are just getting started."