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Jun 30, 2024
Tennant Q2 2024 Earnings Report
Reported net sales and adjusted EBITDA growth and increased full-year 2024 guidance.
Key Takeaways
Tennant Company reported a record second quarter performance with net sales of $331.0 million, a 2.9% increase compared to the second quarter of 2023. Adjusted EBITDA was $58.6 million, an increase of $1.0 million. The company increased its full-year 2024 guidance for net sales and Adjusted EBITDA.
Delivered net sales of $331.0 million for the second quarter of 2024, an increase of 2.9% from the second quarter of 2023, or 2.7% on an organic basis, driven primarily by strong pricing realization.
Achieved Adjusted EBITDA of $58.6 million, an increase of $1.0 million, primarily due to strong sales growth.
Generated operating cash flow of $18.6 million and returned $13.3 million to Tennant shareholders through dividends and share repurchases.
The Company increased its full-year 2024 guidance and now expects net sales to be between $1,280 million and $1,305 million and Adjusted EBITDA to be between $205 million and $215 million.
Revenue by Geographic Location
Forward Guidance
The Company is updating its full-year 2024 guidance ranges, including an increased outlook for Net Sales and Adjusted EBITDA:
Positive Outlook
- Net sales between $1,280 million and $1,305 million
- Organic net sales growth between 2.5% and 4.5%
- Adjusted diluted net income per share between $6.15 and $6.55
- Adjusted EBITDA between $205 million and $215 million
- Adjusted EBITDA margin between 16.0% and 16.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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