Tennant Company Reports 2017 First Quarter Results
Record net sales for a first quarter of $191.1 million increased 6.2 percent, or grew 5.0 percent organically;
Reported per share loss of $0.22 includes special items of Tennant restructuring
and costs related to IPC acquisition;
Adjusted EPS, excluding special items, of $0.31, up 24 percent;
Company updates 2017 full year net sales and earnings outlook to include IPC Group acquisition
MINNEAPOLIS, April 24, 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 record first quarter net sales of $191.1 million and a net loss of $4.0 million, or a $0.22 loss per share, for the quarter ended March 31, 2017. The 2017 first quarter included two special items that reduced earnings by a total of $0.53 per share: an $8.0 million pre-tax restructuring charge, or $0.32 per share, to support key strategic initiatives and lower costs; and a $4.0 million pre-tax charge, or $0.21 per share, for acquisition costs and financing costs related to the IPC acquisition. Excluding these special items, adjusted 2017 first quarter net earnings rose to $5.4 million, or $0.31 per diluted share, an increase of 24 percent versus the year ago quarter. In the 2016 first quarter, Tennant reported net earnings of $4.4 million, or $0.25 per diluted share, on net sales of $179.9 million. (See the Supplemental Non-GAAP Financial Table.)
“We are pleased to report Tennant’s record first quarter sales, fueled by growth in our Americas and EMEA regions,” said Chris Killingstad, Tennant Company's president and chief executive officer. “During the quarter, we continued to pursue strategies designed to further ignite the company’s growth and increase profitability. In early April, we completed the largest acquisition in Tennant’s history of IPC Group, which significantly increases our presence and market share in Europe, and more than doubles Tennant’s current EMEA business. We are excited about our combined potential. We also initiated our restructuring actions to better align our global resources and expense structure with a lower growth global economic environment. The savings from the restructuring are estimated to be approximately $7 million in 2017 and a total of $10 million in 2018. Together, we expect these actions to further enhance Tennant’s revenue and earnings performance.”
The following information was filed by Tennant Co (TNC) on Monday, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Tennant Co's financial trajectory
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Ticker: TNC CIK: 97134 Form Type:10-Q Quarterly Report Accession Number: 0000097134-17-000020 Submitted to the SEC: Tue May 09 2017 5:18:17 PM EST Accepted by the SEC: Tue May 09 2017 Period: Friday, March 31, 2017 Industry: Refrigeration And Service Industry Machinery