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Mar 31, 2023
Tennant Q1 2023 Earnings Report
Reported a strong Q1 2023 with significant sales growth and increased profitability.
Key Takeaways
Tennant Company reported a strong first quarter in 2023, with net income of $24.3 million on record net sales of $305.8 million. This represents an 18.5% sales growth, or 21.0% on an organic basis. The company reaffirms its full-year guidance for net sales and adjusted EBITDA.
Net sales reached a record $305.8 million, reflecting an 18.5% increase, or 21.0% organically.
Net income was $24.3 million, with earnings per diluted share at $1.30.
Adjusted EBITDA was $47.9 million, representing 15.7% of sales, and adjusted diluted EPS was $1.45.
The company reaffirms full-year 2023 net sales guidance of $1,115 million to $1,155 million and adjusted EBITDA guidance of $140 million to $160 million.
Revenue by Geographic Location
Forward Guidance
Tennant reaffirms the following guidance ranges for 2023: Net sales of $1,115 - $1,155 million, organic net sales growth of 3.0% - 7.0%, Adjusted diluted net income per share of $3.70 - $4.50, Adjusted EBITDA of $140 - $160 million, Capital expenditures of $20 - $25 million, and Adjusted effective tax rate of 20% - 25%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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