The Tennant Company (NYSE: TNC) Board of Directors authorized a 6 percent increase in the company’s quarterly cash dividend to 18 cents per share from 17 cents per share. The dividend is payable on December 14, 2012, to shareholders of record on November 30, 2012. “The increase in our quarterly dividend demonstrates our confidence in our business. We remain committed to profitably growing our traditional business and expanding our global leadership position in sustainable cleaning. We believe our growth strategies, operational discipline, and strong financial position and cash flows will ensure further value-creation potential for shareholders,” said Chris Killingstad, Tennant Company’s president and chief executive officer. The dividend increase will result in a 1.5 percent increase to the annual dividend payout for the year 2012 and a 4.3 percent increase to the annual dividend payout for the year 2013. The company has increased its annual cash dividend payout for 41 consecutive years. Company ProfileMinneapolis-based Tennant Company (NYSE: TNC) is a world leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; chemical-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading floors. Tennant's global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. For more information, visit http://www.tennantco.com. Forward-Looking StatementsCertain statements contained in this document, as well as other written and oral statements made by us from time to time, are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets we serve. Particular risks and uncertainties presently facing us include: geopolitical and economic uncertainty throughout the world; the competition in our business; our ability to effectively manage organizational changes; our ability to comply with laws and regulations; our ability to effectively maintain and manage the data in our computer systems; unforeseen product liability claims or product quality issues; our ability to develop and fund new innovative products and services; our ability to attract and retain key personnel; our ability to successfully upgrade and evolve the capabilities of our computer systems; the occurrence of a significant business interruption; fluctuations in the cost or availability of raw materials and purchased components; our ability to acquire, retain and protect proprietary intellectual property rights; and the relative strength of the U.S. dollar, which affects the cost of our materials and products purchased and sold internationally. We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. For additional information about factors that could materially affect Tennant's results, please see our other Securities and Exchange Commission filings, including disclosures under "Risk Factors."
The ex-dividend date for Tennant Company (NYSE:TNC) is Tuesday, May 29, 2012. Owners of shares as of market close today will be eligible for a dividend of 17 cents per share. At a price of $42.41 as of 9:30 a.m., the dividend yield is 1.6%.
Tennant Company (NYSE:TNC) hit a new 52-week high Thursday as it is currently trading at $47.53, above its previous 52-week high of $47.45 with 5,613 shares traded as of 9:55 a.m. ET. Average volume has been 110,500 shares over the past 30 days.