Summary by Futu AI
Techtronic Ind achieved strong performance in the first half of 2024, with sales increasing 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 a sales growth of 11.2%, with a gross margin increase of 67 basis points, reaching 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 retired 2,500,000 common shares during the period to increase the net asset value per share and earnings per share. The company confirmed compliance with all the provisions of Appendix C1 of the Listing Rules, "Corporate Governance Code," and adopted the "Standard for Directors' Securities Transactions of Listed Issuers."