TTI Sets Profit, Sales Records for 2012
HONG KONG-TTI, parent company of the Hoover and Dirt Devil floor-care brands, delivered a record-breaking financial performance in 2012.
Net income reached $202 million, up 32.2 percent from 2011. Net sales rose 5.1 percent to $3.9 billion, which the company said in a statement was driven by organic growth in all geographic regions.
In addition, TTI's gross margin rose for the fourth straight year, picking up 90 basis points to 33.5 percent, thanks to productivity gains in its operations, new product introductions and growth in its industrial power-tools business. Decreased interest expense due to the reduction in debt also helped the bottom line.
Horst Pudwill, TTI's chairman, said, "Our disciplined implementation of the TTI strategic plan is yielding outstanding results across all of our business units and geographic areas. I am particularly pleased with the tremendous progress made in new product development and our excellent productivity gains, which are the catalysts for sales and profit growth."