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Dec 31, 2023
Tennant Q4 2023 Earnings Report
Reported record fourth-quarter and full-year results, delivering robust growth in net sales and net income, and achieving strong net income to free cash flow conversion.
Key Takeaways
Tennant Company reported a 7.0% increase in fourth-quarter net sales to $311.4 million and a 30.3% increase in net income to $31.0 million. The company's full-year net sales reached a record $1,243.6 million, a 13.9% increase from 2022, with adjusted EBITDA up 44.3% to $192.9 million.
Delivered record full-year net sales of $1,243.6 million, marking a 13.9% increase from 2022.
Fourth-quarter net sales increased 7.0% to $311.4 million.
Achieved full-year adjusted EBITDA of $192.9 million, a 44.3% increase compared to 2022.
Generated full-year operating cash flow of $188.4 million.
Revenue by Geographic Location
Forward Guidance
The Company is targeting organic net sales growth between 2% and 4% split equally between price and volume growth for the full year 2024.
Positive Outlook
- Organic net sales growth between 2% and 4%
- Split equally between price and volume growth.
- Expected reduction in backlog between $80 and $100 million
- Continued strong price realization
- Cost-out activities to favorably impact gross margins
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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