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Dec 31, 2020
Tennant Q4 2020 Earnings Report
Tennant's Q4 2020 results reflected a decrease in net sales and earnings per share, with organic sales declining due to the global pandemic, while strategic investments were made for future growth.
Key Takeaways
Tennant Company reported a decrease in fourth-quarter net sales to $273.0 million, with an 8.9 percent decline on an organic basis. GAAP diluted earnings per share were $0.13, and adjusted diluted EPS was $0.48. The company generated $36.3 million in cash flow from operations and reduced outstanding debt by $15.2 million during the quarter. They also provided 2021 guidance.
Net sales for the fourth quarter of 2020 were $273.0 million, down from $294.8 million in the year-ago period.
GAAP diluted earnings per share for the fourth quarter were $0.13, with adjusted diluted EPS at $0.48.
Organic sales declined by 8.9 percent in the fourth quarter.
The company generated $36.3 million in cash flow from operations during the fourth quarter.
Revenue by Geographic Location
Forward Guidance
For 2021, Tennant provides the following guidance: Net sales of $1.050 billion to $1.080 billion, reflecting organic sales growth of 5 to 8 percent; Full-year reported GAAP earnings in the range of $3.30 to $3.75 per diluted share; Adjusted EPS of $3.50 to $3.95 per diluted share, which excludes certain non-operational items and amortization expense; Adjusted EBITDA of $130 million to $140 million; Capital expenditures of $20 to $25 million; and An effective tax rate of approximately 20 percent.
Positive Outlook
- Net sales of $1.050 billion to $1.080 billion, reflecting organic sales growth of 5 to 8 percent
- Full-year reported GAAP earnings in the range of $3.30 to $3.75 per diluted share
- Adjusted EPS of $3.50 to $3.95 per diluted share, which excludes certain non-operational items and amortization expense
- Adjusted EBITDA of $130 million to $140 million
- An effective tax rate of approximately 20 percent.
Revenue & Expenses
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Avg. Return Before/After Earnings
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