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Mar 31, 2024
Tennant Q1 2024 Earnings Report
Tennant delivered net sales and strong net income growth and expanded Adjusted EBITDA margin.
Key Takeaways
Tennant Company reported a 1.7% increase in net sales to $311.0 million for Q1 2024, driven by strong pricing realization. Adjusted EBITDA increased to $54.9 million, with a margin of 17.7%. The company completed strategic acquisitions, including TCS EMEA GmbH and a minority stake in Brain Corp.
Net sales increased by 1.7% to $311.0 million, with organic growth of 0.9% driven by strong pricing.
Adjusted EBITDA rose to $54.9 million, with a 17.7% margin, reflecting gross margin improvements.
Tennant acquired TCS EMEA GmbH and invested in Brain Corp to enhance growth and AI-enabled robotic cleaning technologies.
The company reaffirmed its 2024 guidance, including net sales of $1,270 - $1,295 million and adjusted diluted EPS of $6.05 - $6.65.
Revenue by Geographic Location
Forward Guidance
Tennant reaffirms the following guidance ranges provided in its fourth quarter 2023 earnings release:
Positive Outlook
- Net sales: $1,270 - $1,295 million
- Organic net sales growth: 2.0% - 4.0%
- Adjusted diluted net income per share: $6.05 - $6.65
- Adjusted EBITDA: $198 - $213 million
- Adjusted EBITDA margin: 15.6% - 16.4%
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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