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

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

Tennant Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised 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.