Tennant Company Reports 2016 Fourth Quarter and Full Year Results
Fourth quarter net sales of $211.7 million, up 2.9 percent, and diluted EPS of $0.85;
Fourth quarter organic net sales rose 3.2 percent;
Company to accelerate growth and build scale with IPC Group acquisition;
Announces 2017 first quarter restructuring to support key strategic initiatives and lower costs;
Company provides 2017 full year net sales and earnings outlook
MINNEAPOLIS, Feb. 23, 2017–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 $15.4 million, or $0.85 per diluted share, on net sales of $211.7 million for the fourth quarter ended December 31, 2016. In the 2015 fourth quarter, Tennant reported net earnings of $13.2 million, or $0.73 per diluted share, on net sales of $205.9 million. The 2015 fourth quarter included a $2.0 million pre-tax restructuring charge, or $0.09 per diluted share, related to infrastructure cost reductions. Excluding this special item, and a $0.04 per diluted share favorable tax true-up for a long-lived asset impairment charge, adjusted 2015 fourth quarter net earnings totaled $14.0 million, or $0.78 per diluted share. (See the Supplemental Non-GAAP Financial Table.)
“We executed well against our strategies in the 2016 fourth quarter and made further progress against our goals,” said Chris Killingstad, Tennant Company's president and chief executive officer. “We are pleased with our fourth quarter results. As we anticipated, Tennant returned to organic sales growth in the quarter, led by sales in our largest region, the Americas, and growth in EMEA.”
Killingstad added: “As we head into 2017, we are taking bold steps to further ignite growth and increase profitability. To this end, we announced the acquisition of IPC Group to improve our competitive position in the EMEA market. Today, we also announced restructuring actions to better align our resources and expense structure with the current low-growth economic environment. Together, these steps are designed to enhance Tennant’s top- and bottom-line performance.”
Tennant’s core strategies are focused on maintaining a strong new product and technology pipeline and expanding the company’s global market coverage, while leveraging the company’s cost structure to improve operating efficiency.
The following information was filed by Tennant Co (TNC) on Thursday, February 23, 2017 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: 0000097134-17-000006 Submitted to the SEC: Wed Mar 01 2017 5:13:28 PM EST Accepted by the SEC: Wed Mar 01 2017 Period: Saturday, December 31, 2016 Industry: Refrigeration And Service Industry Machinery