Tennant Company Declares Regular Quarterly Cash Dividend, Payable on September 15, 2014
Aug 20 14
The Directors of Tennant company declared a regular quarterly cash dividend of 20 cents per share payable September 15, 2014, to shareholders of record at the close of business on September 2, 2014.
Tennant Company Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Full Year of 2014
Jul 24 14
Tennant Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net earnings of $15,523,000, or $0.83 per diluted share, on net sales of $219,084,000, compared to net earnings of $14,254,000, or $0.76 per diluted share, on net sales of $200,238,000 a year ago. Profit from operations was $23,141,000 compared to $21,622,000 a year ago. Profit before income taxes was $23,056,000 compared to $20,819,000 a year ago.
For the year to date, the company reported net earnings of $21,318,000, or $1.14 per diluted share, on net sales of $403,063,000, compared to net earnings of $19,313,000, or $1.03 per diluted share, on net sales of $368,330,000 a year ago. Profit from operations was $32,378,000 compared to $28,505,000 a year ago. Profit before income taxes was $31,643,000 compared to $27,031,000 a year ago. Net cash provided by operating activities was $10,508,000 compared to $15,224,000 a year ago. Purchases of property, plant and equipment was $7,411,000 compared to $7,192,000 a year ago.
The company revised earnings guidance for the full year of 2014. The company is increasing its estimate for 2014 full year net sales to the range of $800 million to $815 million, up 6% to 8%, compared to 2013. The company is raising the low end of the prior earnings range to $2.60 per diluted share, while maintaining the top end of the range at $2.80 per diluted share, an increase of 15% to 24%, compared to 2013, as adjusted. Previously, Tennant anticipated 2014 net sales in the range of $780 million to $800 million and earnings in the range of $2.50 to $2.80 per diluted share. The company continues to anticipate that its 2014 earnings will be stronger in the second half of the year, as its growth investments gain further traction and generate incremental revenues and profits. Capital expenditures is expected in the range of $20 million to $22 million.
Tennant Company Presents at Jefferies 2014 Global Industrials Conference, Aug-12-2014 04:00 PM
Jul 24 14
Tennant Company Presents at Jefferies 2014 Global Industrials Conference, Aug-12-2014 04:00 PM. Venue: Grand Hyatt, 109 E. 42nd St., New York, New York, United States. Speakers: Thomas Paulson, Chief Financial Officer, Principal Accounting Officer and Senior Vice President.
Minnesota Twins Appoints Tennant Company Strategic Cleaning Solutions Partner
Jul 22 14
Tennant Company has been named the strategic cleaning partner for the Minnesota Twins. As a innovator of sustainable cleaning solutions, the partnership further enhances the Minnesota Twins' public commitment to water conservation and environmental sustainability. More than a dozen Tennant cleaning machines will now be used to help keep the 39,021-seat open-air ballpark cleaner, safer and healthier for employees and fans. Tennant equipment will help the Minnesota Twins reduce their total cost to clean, maintain environmental health and safety, enhance the facility's image and support their commitment to sustainability. Tennant provides cleaning equipment designed to handle the large-scale needs of the sporting events at Target Field. Tennant products offer the Minnesota Twins a comprehensive cleaning portfolio to clean the stadium inside and out. A sampling of Tennant products being used include: powerful sweepers that provide excellent indoor and outdoor sweeping performance with optimized dust control; ride-on and walk-behind scrubbers that clean up to three times longer than conventional scrubbing and use up to 70% less water with the innovative ec-H2O(TM) technology; Orbio(R) Multi-Surface Cleaning Solution, generated on-site with the Orbio 5000-Sc engineered by Tennant; and carpet extractors that provide fresh, clean carpets in minutes to reduce room and carpet area shutdown times.
Tennant Company Announces Board Changes
Jul 17 14
Tennant Company announced that Andy Eckert, Senior Vice President of the Americas, has chosen to leave Tennant to pursue other career aspirations. Eckert, who joined the company in 2002 as Western Division Manager, rose through the ranks to lead Tennant's large business unit. Rusty Zay, Senior Vice President of Global Marketing, has been selected to replace Eckert. Zay, a former Whirlpool marketing executive who joined Tennant in 2010, has led the transformation of the global marketing function at Tennant, demonstrating his ability to translate global strategic insights into results-oriented marketing programs. Zay has developed a marketing organization dedicated to sound research, customer-oriented products and solutions, and targeted marketing programs to drive profitable growth. His key contributions include the development and execution of the most robust product roadmap in Tennant 's history and the creation of an organization that delivers the sophisticated marketing analytics that are the cornerstone of Tennant's ambitious growth goal of achieving $1 billion in sales and at least 12% operating profit margin by the end of 2017. According to Killingstad, Zay will assume his new leadership role as of July 21, 2014. Eckert will remain with the organization until October 17(th) to aid in the transition.