2023-04-28 11:04:26 ET
Tennant ( NYSE: TNC ) on Friday jumped to a 52-week high after the maker of cleaning products beat the average estimates for profit and sales among Wall Street analysts. The shares rose as much as 15% to $76.28 a share before trimming gains.
The company’s net income more than doubled from a year earlier to $24.3 million, or $1.30 a share in Q1. Its EPS adjusted for restructuring charges of $1.45 was greater than the average estimate of $0.84.
Sales rose 19% from a year earlier to $305.8 million, beating the consensus estimate of $272.5 million.
S20 Compact Ride-On Sweeper Photo: Tennant
“Our strong first quarter performance and increase in volume is the direct result of the actions we have taken over the past several quarters to address parts availability and offset inflation,” Dave Huml, president and CEO of Tennant, said in a statement. “While inflationary and supply chain pressure continue to be present, our business is continuing to show signs of stabilization, giving us reason for optimism.”
Economic uncertainties and concerns about the supply chain for parts led the company to maintain its guidance for the year. The forecast includes sales in the range of $1.12 billion to $1.16 billion and adjusted EPS of $3.70 to $4.50.
M20 Ride-On Sweeper-Scrubber Photo: Tennant
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Tennant jumps to 52-week high after profit, sales beat estimates