Tennant Company Reports 2013 Fourth Quarter and Full Year Results
Company posts record sales for a fourth quarter of $195.1 million;
Net sales in quarter increased 4.1 percent, or 5.1 percent organically;
Fourth quarter adjusted diluted EPS up 4.8 percent to $0.65;
2013 full year adjusted diluted EPS up 8.7 percent to $2.26;
Company provides 2014 full year guidance range;
Targets $1 billion in revenues by 2017
MINNEAPOLIS, Feb. 25, 2014-Tennant Company (NYSE: TNC), a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer, healthier world, today reported net earnings of $10.3 million, or $0.55 per diluted share, on net sales of $195.1 million for the fourth quarter ended December 31, 2013. The 2013 fourth quarter included a $1.6 million pre-tax restructuring charge, or $0.10 per diluted share, to right size its cost structure and enhance its go-to-market approach primarily in Europe. Excluding this special item, adjusted 2013 fourth quarter net earnings totaled $12.2 million, or $0.65 per diluted share. In the 2012 fourth quarter, which included a special tax benefit that increased earnings by $0.11 per diluted share, Tennant reported net earnings of $13.8 million, or $0.73 per diluted share, on net sales of $187.5 million. Excluding this special item, Tennant’s 2012 fourth quarter adjusted net earnings were $11.8 million, or $0.62 per diluted share. (See the Supplemental Non-GAAP Financial Table.)
Tennant Company's president and chief executive officer Chris Killingstad stated: “We had record revenues for a fourth quarter, although they were slightly below our expectations. In order to accelerate future growth, we intentionally ramped up key strategic investments in anticipation of higher sales. Going forward, we expect our growth initiatives to produce clear benefits in 2014 and beyond.”
Fourth Quarter Operating Review
The company's 2013 fourth quarter consolidated net sales of $195.1 million rose 4.1 percent compared to the prior year quarter on higher volume across all of Tennant’s product categories. Unfavorable foreign currency exchange reduced consolidated net sales by approximately 1 percent.
The following information was filed by Tennant Co (TNC) on Tuesday, February 25, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: TNC CIK: 97134 Form Type:10-K Annual Report Accession Number: 0000097134-14-000008 Submitted to the SEC: Fri Feb 28 2014 11:59:06 AM EST Accepted by the SEC: Fri Feb 28 2014 Period: Tuesday, December 31, 2013 Industry: Refrigeration And Service Industry Machinery