Tennant Stock Price, News & Analysis

Tennant Company (NYSE: TNC) has appointed Barb Balinski as Senior Vice President of Innovation and Technology. Previously Vice President of Engineering, Balinski has significantly contributed to the company's success, leading the R&D team responsible for the development of autonomous robot programs. CEO Dave Huml emphasized her role in delivering value and assisting in the company's enterprise strategies for profitable growth. With an extensive background in engineering leadership at Whirlpool and Saturn Corporation, Balinski's expertise is expected to enhance Tennant’s innovation pipeline.

Tennant Company (TNC) reported its fourth-quarter and full-year results for 2020, with net sales of $1.0 billion, down from $1.14 billion in 2019 due to the COVID-19 pandemic. Net income decreased to $33.7 million ($1.81 per diluted share) compared to $45.8 million ($2.48 per diluted share) in the previous year. The fourth-quarter sales fell to $273.0 million, a 7.4% decline year-over-year. However, the company generated $133.8 million in cash flow from operations and reduced debt by $31.1 million. For 2021, Tennant forecasts net sales between $1.050 billion and $1.080 billion.

Tennant Company (NYSE: TNC) has launched the T16AMR Robotic Floor Scrubber, its largest autonomous cleaning machine, targeting logistics and manufacturing sectors. This innovative scrubber is the first in the industry built on an industrial scrubber platform, enabling efficient cleaning and reduced ownership costs. Pre-orders are now open, with shipments starting in April. Powered by BrainOS®, the T16AMR enhances cleaning efficiency and supports lean maintenance teams. Tennant has been a pioneer in robotic cleaning since 2018, consistently innovating to meet modern cleaning challenges.

Tennant Company (NYSE: TNC) has appointed Tim Morse, former CEO of Ten-X, to its Board of Directors, effective February 17, 2021. Morse brings extensive leadership experience from Yahoo, General Electric, and Altera. The company aims to leverage his strategic and financial expertise to enhance its operations and product innovations, including its autonomous mobile robot cleaning program. Tennant, established in 1870, specializes in cleaning solutions and had reported sales of $1.14 billion in 2019. With over 4,300 employees, it operates globally, focusing on sustainable cleaning technologies.

Tennant Company (TNC) has declared a quarterly cash dividend of 23 cents per share, payable on March 15, 2021, to shareholders on record as of March 1, 2021. Founded in 1870, Tennant is a leading provider of cleaning solutions dedicated to enhancing cleaning performance while minimizing environmental impact. In 2019, the company reported sales of $1.14 billion and employs approximately 4,300 people globally.

Tennant Company (NYSE: TNC) will report its 2020 fourth quarter and full year results on February 25, 2021. A conference call will follow at 10:00 a.m. Central Time on the same day. The earnings release will be available before the call at investors.tennantco.com. To join the live call, attendees should log in at least 10 minutes prior; a taped replay will also be accessible later. Founded in 1870, Tennant is a leader in cleaning solutions with a global network and $1.14 billion in sales in 2019.

Tennant Company (TNC) has successfully divested its coatings business to The Sherwin-Williams Company (SHW) as part of its enterprise strategy to focus on core competencies in industrial and commercial floor cleaning. The coatings business generated $22.1 million in sales, representing 2.2% of Tennant's total sales for the trailing 12 months ended September 30, 2020. Approximately 70 employees from Tennant are expected to transition to Sherwin-Williams. BMO Capital Markets acted as financial advisor for the transaction.

Tennant Company (NYSE: TNC) has announced a management succession plan. Effective March 1, 2021, COO Dave Huml will succeed Chris Killingstad as CEO and join the board of directors, with Killingstad transitioning to a strategic advisor role. Rusty Zay will move to chief commercial officer, overseeing global sales and service. Following the resignation of interim CFO Andy Cebulla, former CFO Thomas Paulson will step in as interim CFO. The transitions aim to continue executing the company’s enterprise strategy for profitable growth while building a robust leadership team.

Tennant Company (TNC) reported its Q3 2020 results, revealing net sales of $261.9 million, a 7.1% decrease year-over-year due to the pandemic. Net income fell to $11.7 million ($0.63/share) from $14.6 million ($0.79/share) in Q3 2019. Adjusted diluted EPS rose to $0.90 from $0.85, while adjusted EBITDA increased to $32.6 million (12.4% of sales). Cash flow from operations improved to $48.9 million. The company has reinitiated guidance for 2020, expecting net sales between $995.0 and $1,005.0 million, with organic sales declines of 12.5% to 11.5%.