Tennant Company Reports 2014 Fourth Quarter and Full Year Results
Company posts record sales for a fourth quarter of $216.3 million;
Net sales in quarter increased 10.8 percent, or 13.8 percent organically;
Diluted quarterly EPS rose 43.1 percent to $0.93 versus prior year of $0.65, as adjusted;
Record 2014 full year sales of $822.0 million, up 9.3 percent, or 10.3 percent organically;
2014 full year diluted EPS up 19.5 percent to $2.70 versus prior year of $2.26, as adjusted;
Company provides 2015 full year net sales and earnings outlook
MINNEAPOLIS, February 24, 2015-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 $17.5 million, or $0.93 per diluted share, on net sales of $216.3 million for the fourth quarter ended December 31, 2014. In the 2013 fourth quarter, Tennant reported net earnings of $10.3 million, or $0.55 per diluted share, on net sales of $195.1 million. The 2013 fourth quarter included a $1.6 million pre-tax restructuring charge, or $0.10 per diluted share, to rightsize Tennant’s 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. (See the Supplemental Non-GAAP Financial Table.)
Commented Chris Killingstad, Tennant Company's president and chief executive officer: “We have invested for growth and we are seeing the benefits. The company posted double-digit gains in sales and EPS in the fourth quarter. Organic sales rose approximately 14 percent to a record for a fourth quarter, with higher revenues in all equipment categories and organic sales increases in all of our geographic regions. Notably, this was our highest organic sales growth quarter of the year. Despite the continued supply chain challenges stemming from increased volume and new product launches, we achieved leverage in Tennant’s gross and operating profit margins in the quarter.”
Added Killingstad: “The new growth strategies we outlined at the beginning of 2014 are working and spurred broad-based sales gains in each quarter of 2014. Sales grew ahead of plan over the year and we are on track to reach our organic growth goal of $1 billion in sales by 2017, and we remain committed to the goal of a 12 percent or above operating profit margin.”
The following information was filed by Tennant Co (TNC) on Tuesday, February 24, 2015 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: 0000097134-15-000005 Submitted to the SEC: Fri Feb 27 2015 5:24:27 PM EST Accepted by the SEC: Fri Feb 27 2015 Period: Wednesday, December 31, 2014 Industry: Refrigeration And Service Industry Machinery