Tennant Company Reports 2015 Fourth Quarter and Full Year Results
Fourth quarter net sales of $205.9 million and diluted EPS of $0.73, or $0.78 as adjusted;
On a “Constant Currency” basis, fourth quarter net sales of $216.7 million increased 0.2 percent versus prior year quarter and adjusted diluted EPS of $0.93 was equal to prior year quarter;
Incurs fourth quarter restructuring charge of $0.09 per diluted share
2015 full year net sales of $811.8 million versus record year-ago net sales of $822.0 million;
Full year diluted EPS of $1.74, or $2.49 as adjusted;
On a “Constant Currency” basis, 2015 full year net sales of $857.1 million increased 4.3 percent and adjusted diluted EPS of $3.00 increased 11.1 percent versus prior year;
Company provides 2016 full year net sales and earnings outlook
MINNEAPOLIS, Feb. 23, 2016—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 $13.2 million, or $0.73 per diluted share, on net sales of $205.9 million for the fourth quarter ended December 31, 2015. The 2015 fourth quarter included a $2.0 million pre-tax restructuring charge, or $0.09 per diluted share, to reduce Tennant’s infrastructure costs. Excluding this special item, and a $0.04 per diluted share favorable tax true-up related to the 2015 third quarter long-lived asset impairment charge, adjusted 2015 fourth quarter net earnings totaled $14.0 million, or $0.78 per diluted share. On a “Constant Currency” basis (assuming no change in foreign exchange rates from the prior year), Tennant would have reported 2015 fourth quarter net sales of $216.7 million and adjusted net earnings per diluted share of $0.93, up 0.2 percent and equal to, respectively, compared to the prior year quarter. (See the Supplemental Non-GAAP Financial Table.) In the 2014 fourth quarter, Tennant reported net earnings of $17.5 million, or $0.93 per diluted share, on record net sales of $216.3 million.
“Like other industrial companies, we saw a more sluggish business environment in the 2015 fourth quarter,” said Chris Killingstad, Tennant Company's president and chief executive officer. “Despite the adverse macroeconomic conditions, we had organic sales gains in EMEA for the first time in 2015, as well as solid U.S. sales through distribution and to strategic accounts.”
The following information was filed by Tennant Co (TNC) on Tuesday, February 23, 2016 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: 0000097134-16-000055 Submitted to the SEC: Fri Feb 26 2016 6:06:12 PM EST Accepted by the SEC: Mon Feb 29 2016 Period: Thursday, December 31, 2015 Industry: Refrigeration And Service Industry Machinery