Tennant (NYSE:TNC) Releases Earnings Results, Beats Expectations By $0.01 EPS

Tennant (NYSE:TNC) released its quarterly earnings data on Thursday. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.01, Briefing.com reports. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The firm had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. During the same quarter in the prior year, the company earned $1.34 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. 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 NYSE TNC traded down $4.37 during midday trading on Friday, reaching $83.19. The company’s stock had a trading volume of 133,325 shares, compared to its average volume of 117,560. The company has a market cap of $1.57 billion, a P/E ratio of 15.13 and a beta of 1.00. Tennant has a fifty-two week low of $79.52 and a fifty-two week high of $124.11. 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’s 50 day moving average price is $93.20 and its two-hundred day moving average price is $99.63.

Tennant Dividend Announcement

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

Analysts Set New Price Targets

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

About Tennant

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.