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Jun 30, 2020
Tennant Q2 2020 Earnings Report
Tennant Company reported second-quarter results for 2020, with net sales of $214.0 million and GAAP net income of $14.3 million.
Key Takeaways
Tennant Company's second-quarter 2020 results showed a decrease in net sales by 28.6% year-over-year, primarily due to the coronavirus pandemic. Net income was $14.3 million, or $0.77 per diluted share. The company implemented cost-saving measures, resulting in $15 million in savings, though these are not expected to repeat in subsequent quarters. As of June 30, 2020, the Company had $99.3 million in cash and cash equivalents, and approximately $157 million of undrawn funds in its revolver.
Net sales totaled $214.0 million, a 28.6 percent year-over-year decrease, or down 27.2 percent organically.
GAAP net income for the second quarter of 2020 was $14.3 million, or $0.77 per diluted share.
Adjusted diluted earnings per share were $0.96, compared with $1.35 in the second quarter of 2019.
Adjusted EBITDA for the second quarter of 2020 were $35.3 million, or 16.5 percent of sales.
Revenue by Geographic Location
Forward Guidance
Tennant withdrew the full-year guidance it had provided on February 20, 2020, due to the uncertain nature of the ongoing pandemic. The company plans to share additional updates in its third-quarter earnings announcement and conference call.
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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