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[Photo News] 30 years flying to Washington
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Korea Herald
8 hours ago
- Korea Herald
TECHTRONIC INDUSTRIES DELIVERS STRONG FIRST HALF PERFORMANCE
HONG KONG, Aug. 5, 2025 /PRNewswire/ -- Global cordless power tool, outdoor power equipment and floorcare & cleaning company Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: HK: 0669, ADR symbol: TTNDY) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the six-month period ended June 30, 2025. TTI grew sales in the first half of 2025 to US$7.8 billion, up 7.1% in reported currency and 7.5% in local currency. Its two leading brands, MILWAUKEE and RYOBI, both delivered exceptional performance during this period. Gross margin improved 34 basis points to 40.3% in the first half of 2025. This increase reflects operational efficiencies made in its consumer brands where TTI focused on profitability, the positive mix impact from the growth of its high margin MILWAUKEE business and productivity improvements captured throughout its manufacturing and sourcing network. EBIT for the first half of 2025 was US$709 million, representing a 13.3% increase compared to the same period in 2024. EBIT margin also increased 49 basis points from the first half of 2024 to 9.1% as a percentage of sales. Net Profit increased 14.2% to US$628 million and earnings per share also improved 14.1% to US34.37 cents. Working capital improved 190 bps versus June 2024 to 16.8% as a percent of sales. The Group generated US$468 million in positive Free Cash Flow in the first half of 2025, ending the period in a net cash position. The TTI Power Equipment segment grew sales 8.3% in local currency to US$7.4 billion. MILWAUKEE achieved double-digit sales growth in the first half of 2025, finishing up 11.9% in local currency. RYOBI delivered a tremendous first half performance, growing 8.7% in local currency. The Floorcare and Cleaning business increased operating profit 3.6% to US$9.7 million as compared to the first half of 2024, while revenue decreased 4.8% in local currency to US$408 million. The Directors have resolved to declare an interim dividend of HK125.00 cents (approximately US16.09 cents) (2024: HK108.00 cents (approximately US13.90 cents)) per share for the six-month period ended June 30, 2025. The interim dividend will be paid to shareholders listed on the register of members of the Company on September 5, 2025. It is expected that the interim dividend will be paid on or about September 19, 2025. Mr. Horst Pudwill, Chairman of TTI, said, "From topline sales growth, solid free cash flow, and improved EBIT and Net Profit margins, we are very pleased with our results in the first half of 2025. We are confident we will successfully navigate the current macro-economic environment, positioning us in an even stronger leadership position in the months and years ahead." Mr. Steven P. Richman, CEO of TTI, commented, "Our strong first half results reflect the dedication and culture of our global team. We continue to build on this foundation by recruiting, retaining, and investing in talent worldwide and are extremely proud of the depth of the talent and bench strength we have developed across all levels at TTI." Forward-Looking Statements This announcement contains certain forward-looking statements or uses certain forward-looking terminologies which are based on the current expectations, estimates, projections, beliefs and assumptions of TTI about the businesses and the markets in which the Group operates and reflect TTI's views as of the date of this announcement. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of TTI. Therefore, actual outcomes and returns may differ materially from the assumptions made and the statements contained in this announcement. About TTI Techtronic Industries Company Limited ("TTI" or the "Company"), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 47,000 employees globally, the company's relentless focus on innovation and strategic growth has established its leading position in the industries it serves. MILWAUKEE is at the forefront of TTI's professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI's diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina). TTI's international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company's global reach and stability. The Pudwill family remains the company's largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.
Korea Herald
15 hours ago
- Korea Herald
AI fintech startup BankX joins Silicon Valley's Plug and Play accelerator to expand AI retail platform
South Korean fintech startup BankX said Tuesday that it has been selected to join the official program at Plug and Play Tech Center, one of Silicon Valley's most influential startup accelerators. Known for nurturing global unicorns such as Google, PayPal, Dropbox and N26, Plug and Play offers early-stage startups high-level exposure to investors and corporate partners worldwide. BankX was also recently selected for the Global Market Expansion Program organized by Korea's Ministry of SMEs and Startups. By joining Plug and Play, BankX has entered the official Playbook, a global directory shared with major investors and partners. BankX's core product, PlayPlanet, is a location-based artificial intelligence platform that helps users compare real-time promotions and credit card benefits at offline stores. The app recommends the most advantageous payment method using AI, while also supporting merchants with real-time marketing tools and customer insights. Currently, BankX is conducting proof-of-concept testing with US retailers and plans to expand through partnerships with retail point-of-sale system providers, which manage payment processing at checkout counters. The company aims to build an AI-driven retail marketing ecosystem that connects consumers, merchants and local economies. "We are seeing positive responses from our PoC tests in the US," said BankX CEO Ethan Kim. "We will refine our technology to fit the local market and use this momentum to reshape consumer behavior and retail structures.'
Korea Herald
16 hours ago
- Korea Herald
Seoul shares spike over 1.6% on US rate cut hopes
South Korean stocks closed sharply higher Tuesday amid heightened expectations the US Federal Reserve may soon pivot to monetary easing following an employment shock. The local currency was trading lower against the US dollar. The benchmark Korea Composite Stock Price Index climbed 50.25 points, or 1.61 percent, to close at 3,198.00. Trade volume was a little slim at 270.8 million shares worth 10.9 trillion won ($7.85 billion), with winners far outnumbering losers 684 to 190. Foreigners and institutions net purchased 291.9 billion won and 94.5 billion won worth of local shares, respectively, while retail investors net sold 471.8 billion won. The KOSPI had opened in positive terrain, tracking overnight gains on Wall Street sparked by hopes the Fed may begin cutting its key rate in September to support the economy. The Dow Jones Industrial Average closed 1.34 percent higher on Monday, with the tech-heavy Nasdaq composite climbing 1.95 percent and the S&P 500 rising 1.47 percent. Such hopes were fueled after the US Bureau of Labor Statistics issued a jobs report, which showed the world's largest economy only added 73,000 jobs in July, below the market projection of a 100,000 job gain. "The Fed has been keeping its rate unchanged, citing the steady employment market, but the situation is different now," said Lee Kyoung-min, an analyst at Daishin Securities. Lee Jae-won, an analyst at Shinhan Securities, said investor sentiment was also improved on news reports the ruling bloc may reconsider its push for a tax revision aimed at raising taxes on corporations and stock investors. Market bellwether Samsung Electronics closed 0.29 percent higher at 69,900 won, and its chipmaking rival SK hynix gained 2.13 percent to 263,500 won, reflecting US chip giant Nvidia's 3.62 percent increase Monday. Leading battery maker LG Energy Solution jumped 2.93 percent to 386,500 won, and its smaller rival Samsung SDI shot up 10.22 percent to 213,500 won. Financial shares were particularly bullish, with KB Financial spiking 3.69 percent to 112,400 won and Shinhan Financial surging 3.19 percent to 68,000 won. Major shipbuilders also finished strong, with Hanwha Ocean climbing 1.57 percent to 116,100 won, and HD Korea Shipbuilding shooting up 5.63 percent to 356,500 won. Bio firm SK Biopharm skyrocketed 15.92 percent to 111,400 won on the back of record second quarter earnings driven by strong sales of its new epilepsy medication Xcopri. The state-run Korea Electric Power Corp. increased 2.15 percent to 38,300 won, and defense powerhouse Hanwha Aerospace soared 2.45 percent to 961,000 won. Auto and IT shares were among the few losers. Top automaker Hyundai Motor went down 0.24 percent to 210,500 won, and its sister Kia lost 1.36 percent to 101,400 won. Kakao, the operator of the country's dominant mobile messenger, slid 1.26 percent to 54,700 won, and top internet portal operator Naver dipped 0.22 percent to 232,000 won. The local currency was quoted at 1,388.3 won against the greenback at 3:30 p.m., down 3.1 won from the previous session. (Yonhap)
