This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tennant Company Reports 2012 Second Quarter Results

Tennant Company (NYSE: TNC), a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer, healthier world, today reported net earnings of $13.7 million, or $0.71 per diluted share, on net sales of $199.5 million for the second quarter ended June 30, 2012. In the prior year quarter, Tennant reported net earnings including special charges of $5.9 million, or $0.30 per diluted share, on net sales of $201.3 million; the special charges totaled $5.0 million after tax, or a $0.26 loss per diluted share. Excluding these special charges, adjusted second quarter 2011 net earnings totaled $10.9 million, or $0.56 per diluted share.

Commented Chris Killingstad, Tennant Company's president and chief executive officer: “We are pleased to report a solid second quarter, with record operating profit resulting in very strong operating profit margins and higher earnings. Our strategies to innovate in our core business and with new water-based technologies while lowering Tennant’s cost structure to enhance profitability are working. Although sales growth was constrained by global economic headwinds, organic sales rose about 3 percent, driven by an organic sales increase of approximately 7 percent in our largest geography, the Americas.”

Second Quarter Operating Review The company's 2012 second quarter consolidated net sales of $199.5 million were down 0.9 percent compared to the prior year quarter. Unfavorable foreign currency exchange reduced consolidated net sales by approximately 3.5 percent. Organic net sales, which exclude the impact of foreign currency exchange (and acquisitions when applicable), increased approximately 2.6 percent. This compares to record 2011 second quarter net sales which grew 21 percent, or approximately 15.6 percent organically.

Contributing to 2012 second quarter results were sales to strategic accounts, as well as sales of two of Tennant’s environmentally friendly offerings: industrial rider scrubbers equipped with ec-H2O TM electrically activated water technology and the lithium-ion battery powered Green Machines TM 500ze city cleaning sweepers. Tennant’s ec-H2O technology converts water into an innovative cleaning solution that cleans effectively, saves money, improves safety and reduces environmental impact compared to daily cleaning floor chemicals. The Green Machines 500ze city cleaning sweepers offer zero carbon emissions, with reduced noise levels to quietly sweep anywhere at any time.

Commented Killingstad: “Tennant remains committed to being an industry innovation leader and aims to set the standard for sustainable cleaning around the world. These two products illustrate that we’re making progress toward that goal.”

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs