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Sep 30, 2024
Tennant Q3 2024 Earnings Report
Tennant Company reported a net sales growth and reaffirmed its 2024 guidance.
Key Takeaways
Tennant Company reported a 3.6% increase in net sales, reaching $315.8 million, driven by strong pricing and volume growth in the Americas. Adjusted EBITDA increased by 4.4% to $47.9 million, and the company reaffirmed its 2024 guidance.
Net sales increased by 3.6% to $315.8 million, with organic growth of 2.7%.
Adjusted EBITDA rose by 4.4% to $47.9 million due to strong sales growth.
Operating cash flow was $30.7 million, with over 100% conversion of net income to free cash flow.
Quarterly cash dividend increased by 5.4% to $0.295 per share, marking the 53rd consecutive year of dividend increases.
Revenue by Geographic Location
Forward Guidance
Tennant affirms the following guidance ranges for 2024: Net sales between $1,280 - $1,305 million, Organic net sales growth of 2.5% - 4.5 %, Adjusted diluted net income per share of $6.15 - $6.55, Adjusted EBITDA of $205 - $215 million, Adjusted EBITDA margin of 16.0% - 16.5 %, Capital expenditures of ~$20 million, Adjusted effective tax rate of 22 % - 27 %.
Positive Outlook
- Net sales: $1,280 - $1,305 million
- Organic net sales growth: 2.5 % - 4.5 %
- Adjusted diluted net income per share: $6.15 - $6.55
- Adjusted EBITDA: $205 - $215 million
- Adjusted EBITDA margin: 16.0 % - 16.5 %
Challenges Ahead
- Capital expenditures: ~$20 million
- Adjusted effective tax rate: 22 % - 27 %
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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