Tennant (NYSE:TNC) Posts Earnings Results

Tennant (NYSE:TNC) issued its earnings results on Thursday. The industrial products company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01, Briefing.com reports. The company had revenue of $315.80 million for the quarter, compared to the consensus estimate of $319.40 million. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $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 TNC stock traded down $4.37 during trading hours on Friday, hitting $83.19. 133,328 shares of the company’s stock were exchanged, compared to its average volume of 117,560. Tennant has a 52 week low of $79.52 and a 52 week high of $124.11. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 15.13 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46. The stock’s 50-day moving average is $93.20 and its 200-day moving average is $99.63.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given 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%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Tennant from a “buy” rating to a “strong-buy” rating in a research 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.