Tennant (NYSE:TNC) Issues Quarterly Earnings Results

Tennant (NYSE:TNC) issued its quarterly earnings results on Thursday. The industrial products company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01, Briefing.com reports. The business had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.34 EPS. Tennant updated its FY24 guidance to $6.15 to $6.55 EPS and its FY 2024 guidance to 6.150-6.550 EPS.

Tennant Price Performance

Shares of Tennant stock traded down $4.55 on Friday, hitting $83.01. 50,028 shares of the company traded hands, compared to its average volume of 117,154. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The business has a 50-day simple moving average of $93.20 and a 200 day simple moving average of $99.63. Tennant has a 52 week low of $79.52 and a 52 week high of $124.11. The stock has a market capitalization of $1.57 billion, a P/E ratio of 15.13 and a beta of 1.00.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.35%. Tennant’s payout ratio is 19.34%.

Analysts Set New Price Targets

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 5th.

Tennant Company Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.