Tennant Company Reports 2017 Third Quarter Results
Record net sales for a third quarter of $262 million, up approximately 31 percent;
Organic sales rose 1.3 percent;
Earnings per share of $0.20 include special items primarily related to IPC Group acquisition that reduced earnings by $0.12 per share; Adjusted EPS of $0.32;
Adjusted EBITDA of 10.7% improved over prior year by 40 basis points;
Strong cash flow in the quarter enabled debt reduction of $23 million;
Included in both reported and adjusted earnings per share is non-cash expense for amortization of IPC Group intangible assets of $0.29 per share;
Company reaffirms 2017 full year net sales guidance range and lowers EPS guidance range to primarily reflect slower progress with gross margin improvements and accelerated non-cash purchase accounting amortization for IPC Group.
MINNEAPOLIS, Nov. 2, 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 sales of $262 million, a record for a third quarter, and net income of $3.6 million, or $0.20 per share, for the quarter ended September 30, 2017.
The 2017 third quarter included special items that reduced earnings by a total of $0.12 per share for acquisition costs related to the IPC Group (IPC) acquisition. Further, the third quarter results also included $7.3 million, or $0.29 per share, which was $5.2 million, or $0.21 per share, higher than was included in the company’s prior guidance, from accelerated amortization for the intangible assets as the company refined its purchase accounting and related amortization method for the IPC acquisition. (See the Supplemental Non-GAAP Financial Table.)
The following information was filed by Tennant Co (TNC) on Thursday, November 2, 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.
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Ticker: TNC CIK: 97134 Form Type:10-Q Quarterly Report Accession Number: 0000097134-17-000043 Submitted to the SEC: Thu Nov 09 2017 2:56:44 PM EST Accepted by the SEC: Thu Nov 09 2017 Period: Saturday, September 30, 2017 Industry: Refrigeration And Service Industry Machinery