Summary by Moomoo AI
Techtronic Ind achieved strong performance in the first half of 2024, with sales growing by 6.3% to 7.3 billion US dollars, and net profit increasing by 15.7% to 0.55 billion US dollars. The company's flagship brand, MILWAUKEE, saw sales rise by 11.2%, with a gross margin increase of 67 basis points to 39.9%. Free cash flow reached 0.508 billion US dollars, and the debt ratio improved to 9.2%. The company's CEO, Steven Philip Richman, was appointed on May 21, 2024. In addition, the company repurchased and canceled 2,500,000 ordinary shares during the period to increase net asset value per share and earnings per share. The company has confirmed compliance with all the provisions of Appendix C1 of the Listing Rules regarding the "Code on Corporate Governance Practices" and has adopted the "Standard for Directors' Securities Transactions of Listed Issuers."
