Tennant (NYSE:TNC) Updates FY 2024 Earnings Guidance

Tennant (NYSE:TNC) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 6.050-6.650 for the period, compared to the consensus earnings per share estimate of 6.460. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Tennant also updated its FY24 guidance to $6.05-6.65 EPS.

Tennant Stock Performance

TNC stock traded down $8.73 during midday trading on Friday, hitting $106.97. 247,661 shares of the stock traded hands, compared to its average volume of 134,952. Tennant has a 1-year low of $72.60 and a 1-year high of $124.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.08 and a quick ratio of 1.44. The stock’s fifty day simple moving average is $116.03 and its 200-day simple moving average is $98.21. The firm has a market cap of $2.03 billion, a P/E ratio of 18.35 and a beta of 1.10.

Tennant (NYSE:TNC) last posted its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. The firm had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $309.87 million. Tennant had a return on equity of 23.07% and a net margin of 8.81%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. On average, analysts expect that Tennant will post 6.44 earnings per share for the current year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, May 31st. Tennant’s payout ratio is 19.21%.

Insider Activity at Tennant

In other Tennant news, insider Richard H. Zay sold 14,743 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the completion of the transaction, the insider now directly owns 11,095 shares in the company, valued at $1,222,558.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Kristin A. Erickson sold 556 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the transaction, the senior vice president now owns 10,698 shares of the company’s stock, valued at approximately $1,176,780. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Richard H. Zay sold 14,743 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the completion of the sale, the insider now directly owns 11,095 shares of the company’s stock, valued at approximately $1,222,558.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,597 shares of company stock valued at $1,953,293. 2.60% of the stock is owned by company insiders.

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.