News
Tennant 4th-Quarter Sales Increase 7%
February 22, 2024
Tennant Co. has reported fiscal fourth-quarter net sales of US$311.4 million, an increase of 7% compared to consolidated net sales of $291 million in the fourth quarter of 2022.
The company posted a net income of $31 million ($1.64 per share), a 30.38% jump from $23.8 million ($1.27 per share) a year earlier. Sales in the company’s Americas division rose 7.7% compared to the previous year, while Tennant’s EMEA division, which covers Europe, the Middle East, and Africa, reported a 4.8% bump in sales and its Asia Pacific segment saw sales increase 8.5%.
For the 2023 fiscal year, Tennant posted a net income of $109.5 million on net sales of $1.24 billion, representing 13.9% growth, or 13.6% on an organic basis.
“We are pleased to report Tennant’s strong fourth-quarter results, continuing the trend of positive results over the past six quarters,” said Dave Huml, Tennant president and CEO. “Our full-year results represent record achievements for the company in terms of net sales, adjusted EBITDA and EBITDA margin. We saw full-year organic growth across all geographies and product categories as our price realization effectively offset inflationary pressures. The exceptional teamwork and dedication displayed across the company, particularly in efforts to meaningfully reduce backlog, have been pivotal to our success this year.”
About Tennant
Tennant Co. is a manufacturer of equipment for maintaining surfaces in industrial, commercial, and outdoor environments as well as surface coatings for concrete floors. Tennant sells products directly in 15 countries and through distributors in more than 80 countries. For more information, visit tennantco.com.
