TTI Boosts Net 59 Percent to Record $151 Million for Fiscal 2011
March 26, 2012,
HONG KONG-Techtronic Industries (TTI), parent company of the Hoover, Dirt Devil and Vax floor-care brands, reported a record net income of $151 million for fiscal year 2011, 59 percent ahead of fiscal 2010.
Net sales for the fiscal year, which ended on Dec. 31, rose 8.4 percent to $3.7 billion. TTI also rode productivity gains in operations and its supply chain to a 40-basis point increase in gross margin, to 32.6 percent. A TTI statement did not include figures on operating expenses, but operating income (earnings before interest, taxes, depreciation and amortization) jumped 20.5 percent to $338 million for the year.
Joseph Galli, CEO of TTI, said the company is developing technologically advanced products and platforms, designed to address end-user needs in performance, design and enhanced productivity. "We are successfully implementing this disruptive innovation model throughout all of our business units," Galli said.