The parent company of Brookfield-based Milwaukee Tool reported an 18 percent jump in earnings per share in 2015 and a 6 percent increase in revenue to more than $5 billion.
Hong Kong-based Techtronic Industries Co. reported diluted earnings per share of $19.28, up from $16.34 in 2014, and said it set records for sales, gross margin and profit.
The company’s increase in revenue included 17.7 percent sales growth for Milwaukee Tool, or 23.7 when adjusted for foreign currency. The company’s report didn’t include actual sales figures for the Milwaukee brand, but Milwaukee Tool officials told the city of Brookfield they surpassed $2 billion in sales in 2015. Techtronic’s power equipment segment, which includes Milwaukee, reported $3.97 billion in sales and a profit of $379.3 million in 2015.
Techtronic touted Milwaukee Tool’s innovations in its annual report, describing it as one of the factors driving financial performance.
“Our laser focus on product innovation and execution allows us to deliver consistently strong results,” said Horst Pudwill, TTI chairman, adding “we are determined to continue our remarkable growth and lead the industry’s cordless revolution forward.”
TTI acquired Milwaukee Tool in 2005 and the iconic brand has been growing at a significant pace over the past decade. Innovations have focused on improvements to cordless power tools and battery technology, but Milwaukee Tool has also expanded into new areas and made advancements in connecting tools to mobile devices.
BizTimes chronicled the growth in a recent cover story as the company prepared for an expansion of its corporate headquarters on Lisbon Road in Brookfield. The Brookfield Common Council approved those plans in early March.
