Tennant (NYSE:TNC) Releases Earnings Results, Misses Expectations By $0.05 EPS

Tennant (NYSE:TNC - Get Free Report) released its quarterly earnings results on Thursday. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.05), Briefing.com reports. The firm had revenue of $315.80 million during the quarter, compared to analyst estimates of $319.40 million. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Tennant updated its FY24 guidance to $6.15 to $6.55 EPS and its FY 2024 guidance to 6.150-6.550 EPS.

Tennant Stock Performance

Tennant stock opened at $83.19 on Monday. Tennant has a fifty-two week low of $79.52 and a fifty-two week high of $124.11. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 14.67 and a beta of 1.00. The stock has a fifty day moving average of $92.94 and a two-hundred day moving average of $99.17. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17.

Tennant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Friday, November 29th. Tennant's payout ratio is currently 20.81%.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Tennant from a "strong-buy" rating to a "buy" rating in a research report on Friday.

About Tennant

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.