Tennant Company reports developments in floor-care equipment, cleaning solutions and autonomous professional cleaning robots for industrial, commercial and outdoor environments. News commonly covers launches such as robotic scrubbers and sweepers, sustainable cleaning technologies, cleaning tools and supplies, and the sales and service model that supports customers through direct channels, distributors and field service.
Company updates also include quarterly results, order trends, operational items such as ERP system recovery, robotics partnerships, regular cash dividends and share repurchase authorizations. Tennant’s recurring announcements connect product innovation with capital allocation and the operating performance of a long-established cleaning-equipment manufacturer.
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%.
Tennant Company (NYSE: TNC) announced a 5% increase in its quarterly cash dividend, raising it to 23 cents per share. This dividend will be payable on December 15, 2020, to shareholders on record by November 30, 2020. This marks the 49th consecutive year of dividend increases. CEO Chris Killingstad expressed confidence in the company's strategies for sustainable growth and operational efficiency, showcasing the board's trust in the company's financial position.
Tennant Company (TNC), founded in 1870 and based in Minneapolis, specializes in designing and manufacturing cleaning solutions. The company reported sales of $1.14 billion in 2019 and operates globally, with a workforce of approximately 4,400 employees. Tennant's products encompass a range of cleaning equipment and sustainable technologies for various environments. With extensive manufacturing and distribution networks, it markets directly in 15 countries and through distributors in over 100. For further details, visit www.tennantco.com.
Tennant Company (NYSE:TNC) announced the appointment of Daniel E. Glusick as the Senior Vice President of Global Operations, effective November 2, 2020. Glusick brings over 25 years of operations leadership experience, previously holding a senior role at The Vollrath Company and serving at Rexnord Industries. The Chief Operating Officer, Dave Huml, expressed excitement about Glusick’s ability to drive transformation and improve capabilities. Tennant Company is a leader in manufacturing cleaning solutions, with sales of $1.14 billion in 2019 and operations in over 100 countries.
Tennant Company (NYSE: TNC) will report its third quarter results for 2020 on October 29, 2020. A conference call to discuss the results is scheduled for 10:00 a.m. Central Time on the same day. The earnings release will be available prior to the call and can be accessed on their investor website. Additionally, a replay with slides will be made available after the conference. Founded in 1870 and headquartered in Minneapolis, Tennant Company specializes in cleaning solutions and had sales of $1.14 billion in 2019.
Tennant Company (NYSE: TNC) has unveiled the T380AMR Robotic Floor Scrubber, enhancing productivity in confined spaces. This new autonomous cleaning machine, shipping to North America since September and globally from November, is designed for environments that challenge larger machines. Powered by BrainOS®, the T380AMR features advanced AI for efficient cleaning with minimal operator oversight. Tennant aims to meet growing customer demands for effective cleaning solutions during heightened sanitation needs. The T380AMR builds on the success of the T7AMR, maintaining reliability and performance.