TTI Sets Profit, Sales Records in First Half
HONG KONG-Techtronic Industries (TTI), parent company of the Hoover and Dirt Devil floor-care brands, achieved records in sales and net income for its fiscal first half ending on June 30.
Net income for the period totaled $96 million, up 20.1 percent over the first half of 2011. Net sales reached $1.9 billion, an increase of 4 percent. A TTI statement attributed its performance to its ability to generate organic growth in existing and new markets through new products, operational efficiencies and aggressive procurement programs.
Joseph Galli, TTI's CEO, attributed the company's record-setting first-half numbers to its "unrelenting focus on innovation. With our stable of powerful brands and pipeline of new products, we are firmly positioned to build on our positive results."