Tennant Company Reports 2018 First Quarter Results
Net sales of approximately $273 million in the first quarter
Organic sales rose 6.5 percent, as a result of growth in all geographic regions
First quarter GAAP diluted earnings per share of $0.18; Adjusted EPS excluding special items of $0.27
Adjusted EBITDA of approximately $25 million, or 9.2 percent of sales, up 240 basis points
Company updates 2018 full year net sales, earnings and EBITDA outlook
MINNEAPOLIS, April 23, 2018—Tennant Company (“Tennant”) (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 $272.8 million and net earnings of $3.3 million, or $0.18 per share, and adjusted net earnings of $5.0 million, or $0.27 per share, for the quarter ended March 31, 2018. The 2018 first quarter results reflected $2.3 million in pre-tax charges, or $0.09 per share, related to non-operational special items, including IPC acquisition integration costs. Additionally, the 2018 first quarter results included a pre-tax charge of $5.5 million, or $0.22 per share, from amortization of the intangible assets related to the IPC acquisition. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were $25.2 million, or 9.2 percent of sales, compared to $13.0 million, or 6.8 percent of sales, in the year-ago quarter. (See the Supplemental Non-GAAP Financial Table).
“We are very pleased with our strong start to the year and are well positioned for additional momentum throughout the rest of 2018,” said Chris Killingstad, Tennant Company's president and chief executive officer. “In the first quarter, we made important, ongoing progress against our growth and value-creation initiatives by improving field-service utilization and manufacturing efficiencies, introducing new products, developing strategic relationships to drive innovation, and executing on our sales strategy across all of our geographies, especially with our strategic accounts. We are confident in the platform we are building to enhance both top- and bottom-line performance, as well as the long-term success of the business.”
The following information was filed by Tennant Co (TNC) on Monday, April 23, 2018 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: 0000097134-18-000015 Submitted to the SEC: Tue May 01 2018 4:33:05 PM EST Accepted by the SEC: Tue May 01 2018 Period: Saturday, March 31, 2018 Industry: Refrigeration And Service Industry Machinery