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TTI Posts New Records in Profit, Sales for First Half

Posted on August 21, 2013 by HFN Staff

TTIHONG KONG-TTI Group, parent of the Hoover and Dirt Devil floor-care brands, reported net income of $118 million in its fiscal first half, a new record and 22 percent higher than in the first half of last year.

The Group also achieved a new record in net sales, $2 billion, 10.1 percent ahead of last year's first half. Earnings per share increased 13 percent to $6.43, and gross margin gained for the sixth consecutive period, although a company statement did not quantify this.

Joseph Galli, TTI's CEO, attributed the company's "exceptional performance" in the first half to new product introductions, category expansion, product mix and "a relentless focus" on operational efficiency. The group also managed strong sales growth in its core businesses in all key regions, including North America, Europe and Australia.