Delivers Net Sales Growth
Reaffirms 2024 Guidance
Tennant Company ("Tennant" or the "Company") (NYSE: TNC) today
reported its financial results for the quarter ended September 30,
2024.
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
Incr / (Decr)
2024
2023
Incr / (Decr)
Net sales
$
315.8
$
304.7
3.6
%
$
957.8
$
932.2
2.7
%
Net income
$
20.8
$
22.9
(9.2
)%
$
77.1
$
78.5
(1.8
)%
Diluted EPS
$
1.09
$
1.21
(9.9
)%
$
4.03
$
4.19
(3.8
)%
Adjusted diluted EPS
$
1.39
$
1.34
3.7
%
$
5.05
$
4.65
8.6
%
Adjusted EBITDA
$
47.9
$
45.9
4.4
%
$
161.4
$
151.4
6.6
%
Adjusted EBITDA margin %
15.2
%
15.1
%
10 bps
16.9
%
16.2
%
70 bps
Highlights
- Delivered net sales of $315.8 million for the third quarter of
2024, reflecting a 3.6% increase from the third quarter of 2023, or
2.7% on an organic basis, driven primarily by strong pricing
realization in all regions and volume growth in the Americas.
- Achieved Adjusted EBITDA of $47.9 million, an increase of $2.0
million, or 4.4%, primarily due to strong sales growth.
- Generated operating cash flow of $30.7 million, with over 100%
conversion of net income to free cash flow.
- Announced a 5.4% increase in the Company's quarterly cash
dividend to $0.295 per share, marking the 53rd consecutive year the
Company has increased its annual cash dividend payout.
- Expanded the Company's portfolio of innovative products and
solutions with the launch of the new T291 small walk-behind
scrubber. Designed for use in both hard-to-reach spaces and open
areas, the T291's versatility and compact size make it an excellent
fit for mid-size retail, healthcare, and education
environments.
“We are pleased to report Tennant's strong third quarter
results, continuing the trend from the first half of 2024 of
delivering growth in organic net sales and Adjusted EBITDA as we
progress toward normalized backlog levels by the end of 2024," said
Dave Huml, Tennant President and Chief Executive Officer. "This
quarter benefited from strong pricing realization across all
regions and represents the second consecutive quarter with strong
order growth in each of our geographies. Given the robust reception
to our recent product introductions and a solid pipeline of
upcoming products, combined with expanded go-to-market strategies
and a disciplined pricing approach, we are well positioned to
achieve our 2024 guidance and execute our enterprise growth
strategy effectively."
Net
Sales
Consolidated net sales for the third
quarter of 2024 totaled $315.8 million, a 3.6% increase compared to
consolidated net sales of $304.7 million in the third quarter of
2023. The components of the consolidated net sales change were as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2024 vs. 2023
Price
1.8
%
3.1
%
Volume
0.9
%
(1.0
)%
Organic growth
2.7
%
2.1
%
Acquisitions
1.3
%
0.8
%
Foreign currency
(0.4
)%
(0.2
)%
Total growth
3.6
%
2.7
%
Organic
Sales
Organic sales, which exclude the effects
of foreign currency and acquisitions, increased 2.7% compared to
the prior year. This growth was driven by effective price
realization across all geographies and volume growth in the
Americas, although it was partially offset by volume declines in
the EMEA and APAC regions.
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
Americas
EMEA
APAC
Total
Americas
EMEA
APAC
Total
Organic net sales growth
4.6
%
(0.8
)%
(4.3
)%
2.7
%
5.0
%
(3.6
)%
(6.2
)%
2.1
%
Americas: The 4.6% increase in the Americas, which includes all
North America and Latin America, was driven primarily by both price
realization and volume increases.
EMEA: The 0.8% decrease in EMEA, which includes Europe, the
Middle East and Africa, was due to volume declines in both
equipment and parts and consumables partly offset by price
realization in all product categories. Equipment volumes were
impacted by weaker-than-expected market conditions and a smaller
contribution from backlog reduction in the current period.
APAC: The 4.3% decrease in APAC, which includes China,
Australia, Japan and other Asian markets, was primarily due to
volume declines in China and Australia, partially offset by price
realization in Australia. China is experiencing market saturation,
leading to decreased demand for our mid-tier products in the
region. In Australia, we are observing signals of reduced demand as
general cost conditions in the market remain elevated.
Operating Results
The gross profit margin of 42.4% declined 90 basis points
compared to the third quarter of 2023. This decrease is attributed
to inflationary pressure on materials and elevated freight costs.
Additionally, unfavorable geographic and customer mix also
contributed to the decline, but to a lesser extent. However, this
was partially offset by price realization.
Selling and Administrative ("S&A") expense totaled $92.7
million in the third quarter of 2024, a $4.5 million increase
compared to the third quarter of 2023. The current period included
$3.3 million of ERP modernization costs and $0.7 million of
transaction and integration costs associated with our acquisition
of TCS EMEA GmbH ("TCS"), Tennant's long-standing distributor
serving countries in Europe, Africa, and the Middle East. Excluding
non-GAAP costs, Adjusted S&A as a percentage of net sales
improved to 28.1% in the third quarter of 2024, compared to 28.9%
in the third quarter of 2023.
Adjusted EBITDA was $47.9 million in the third quarter of 2024,
compared to $45.9 million in the prior-year period. The improvement
in Adjusted EBITDA was primarily due to both price and volume
growth in net sales as well as our acquisition of TCS. Adjusted
EBITDA margin for the second quarter of 2024 was 15.2%, up slightly
compared to 15.1% in the prior-year period.
Net income was $20.8 million in the third quarter of 2024
compared to $22.9 million in the third quarter of 2023. The
decrease was due to $2.5 million of ERP modernization costs and
$0.7 million of transaction and integration costs associated with
our acquisition of TCS. This was partly offset by lower interest
expense, attributable to a decline in average debt balances.
Adjusted net income was $26.6 million in the third quarter of 2024,
an increase of $1.2 million compared to the third quarter of 2023.
Strong operating performance, driven by pricing realization and
volume increases, was partly offset by higher operating costs and
income taxes.
Cash Flow, Liquidity and Capital
Allocation
Tennant generated $30.7 million in cash flow from operations
during the third quarter of 2024, a $23.7 million decrease compared
to the prior-year period. The decrease was primarily driven by
increases in working capital associated with the timing of sales
during the quarter as well as investments in ERP modernization
costs totaling $9.4 million.
Liquidity remained strong with a balance of $91.3 million in
cash and cash equivalents as of the end of the third quarter.
Additionally, the company had $439.3 million of unused borrowing
capacity under its revolving credit facility. As previously
announced, on August 7, 2024, the Company amended and restructured
its existing credit agreement and increased its revolving credit
facility limit to $650.0 million in order to optimize its debt
structure and enhance its flexibility and capability for driving
expansion.
The Company continues to strategically deploy cash flow to meet
operational capital requirements and to return capital to
shareholders in alignment with its capital allocation priorities.
During the third quarter, the Company invested $4.3 million in
capital expenditures and returned $13.3 million to shareholders
through dividends and share repurchases. The Company remains
diligent in managing its debt and maintaining a strong balance
sheet. The Company's net leverage ratio was 0.56 times Adjusted
EBITDA, which is below its targeted range of 1x to 2x Adjusted
EBITDA.
2024
Guidance
For 2024, Tennant affirms the following
guidance ranges:
(In millions, except per share data)
2024 Guidance
Ranges
Net sales
$1,280 - $1,305
Organic net sales growth
2.5 % - 4.5 %
Adjusted diluted net income per share*
$6.15 - $6.55
Adjusted EBITDA*
$205 - $215
Adjusted EBITDA margin
16.0 % - 16.5 %
Capital expenditures
~$20
Adjusted effective tax rate*
22 % - 27 %
*Excludes ERP modernization costs, other
certain nonoperational items and amortization expense.
Conference Call
Tennant will host a conference call to discuss its 2024 third
quarter results on November 1, 2024, at 9 a.m. Central Time (10
a.m. Eastern Time). The conference call and accompanying slides
will be available via webcast on Tennant's investor website. To
listen to the call live and view the slide presentation, go to
investors.tennantco.com and click on the link at the bottom of the
overview page. A replay of the conference call, with slides, will
be available at investors.tennantco.com.
Company Profile
Founded in 1870, Tennant Company (TNC), headquartered in Eden
Prairie, Minnesota, is a world leader in the design, manufacture
and marketing of solutions that help create a cleaner, safer and
healthier world. Its products include equipment for maintaining
surfaces in industrial, commercial and outdoor environments;
detergent-free and other sustainable cleaning technologies; and
cleaning tools and supplies. Tennant's global field service network
is the most extensive in the industry. Tennant Company had sales of
$1.24 billion in 2023 and has approximately 4,500 employees.
Tennant has manufacturing operations throughout the world and sells
products directly in more than 20 countries and through
distributors in more than 100 countries. For more information,
visit www.tennantco.com and www.ipcworldwide.com. The Tennant
Company logo and other trademarks designated with the symbol “®”
are trademarks of Tennant Company registered in the United States
and/or other countries.
Forward-Looking
Statements
Certain statements contained in this document are considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act. These statements do not relate to
strictly historical or current facts and provide current
expectations or forecasts of future events. Any such expectations
or forecasts of future events are subject to a variety of factors.
These include factors that affect all businesses operating in a
global market as well as matters specific to us and the markets the
Company serves. Particular risks and uncertainties presently facing
it include: economic uncertainty throughout the world; geopolitical
tensions or health epidemics; the Company's ability to comply with
global laws and regulations; the Company's ability to adapt pricing
to the competitive marketplace and customer pricing sensitivities;
the competition in the Company's business; fluctuations in the
cost, quality or availability of raw materials and purchased
components; increasing cost pressures; unforeseen product liability
claims or product quality issues; the Company's ability to attract,
retain and develop key personnel and create effective succession
planning strategies; the Company's ability to effectively develop
and manage strategic planning and growth processes and the related
operational plans; the Company's ability to successfully upgrade
and evolve its information technology systems; the Company's
ability to successfully protect our information technology systems
from cybersecurity risks; the occurrence of a significant business
interruption; the Company's ability to maintain the health and
safety of its workers; the Company's ability to integrate
acquisitions; and the Company's ability to develop and
commercialize new innovative products and services.
The Company cautions that forward-looking statements must be
considered carefully and that actual results may differ in material
ways due to risks and uncertainties both known and unknown.
Information about factors that could materially affect the
Company's results can be found in its 2023 Form 10-K. Shareholders,
potential investors and other readers are urged to consider these
factors in evaluating forward-looking statements and are cautioned
not to place undue reliance on such forward-looking statements.
The Company undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. Investors
are advised to consult any further disclosures by the Company in
its filings with the Securities and Exchange Commission and in
other written statements on related subjects. It is not possible to
anticipate or foresee all risk factors, and investors should not
consider any list of such factors to be an exhaustive or complete
list of all risks or uncertainties.
Non-GAAP Financial
Measures
This news release and the related conference call include
presentation of Non-GAAP measures that include or exclude special
items of a nonrecurring and/or nonoperational nature (hereinafter
referred to as “special items”). Management believes that the
Non-GAAP measures provide useful information to investors regarding
the Company’s results of operations and financial condition because
they permit a more meaningful comparison and understanding of
Tennant Company’s operating performance for the current, past or
future periods. Management uses these Non-GAAP measures to monitor
and evaluate ongoing operating results and trends and to gain an
understanding of the comparative operating performance of the
Company.
The Company believes that disclosing selling and administrative
(“S&A”) expense – as adjusted, S&A expense as a percent of
net sales – as adjusted, operating income – as adjusted, operating
margin – as adjusted, income before income taxes – as adjusted,
income tax expense – as adjusted, net income – as adjusted, net
income per diluted share – as adjusted, EBITDA – as adjusted, and
EBITDA margin – as adjusted (collectively, the “Non-GAAP
measures”), excluding the impacts from special items, is useful to
investors as a measure of operating performance. The Company uses
these measures to monitor and evaluate operating performance. The
Non-GAAP measures are financial measures that do not reflect United
States Generally Accepted Accounting Principles (GAAP). The Company
calculates the Non-GAAP measures by adjusting for ERP modernization
costs, transaction-related costs and amortization expense. The
Company calculates income tax expense – as adjusted by adjusting
for the tax effect of these Non-GAAP measures. The Company
calculates net income per diluted share – as adjusted by adjusting
for the after-tax effect of these Non-GAAP measures and dividing
the result by the diluted weighted average shares outstanding. The
Company calculates EBITDA margin – as adjusted by dividing EBITDA –
as adjusted by net sales.
FINANCIAL TABLES FOLLOW
TENNANT COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except shares and per share
data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net sales
$
315.8
$
304.7
$
957.8
$
932.2
Cost of sales
182.0
172.7
543.8
535.2
Gross profit
133.8
132.0
414.0
397.0
Selling and administrative expense
92.7
88.2
275.5
256.9
Research and development expense
10.5
9.1
31.8
26.0
Operating income
30.6
34.7
106.7
114.1
Interest expense, net
(2.7
)
(3.3
)
(7.5
)
(11.0
)
Net foreign currency transaction (loss)
gain
(0.4
)
(0.4
)
0.1
0.5
Other (expense) income, net
—
(1.1
)
0.2
(1.8
)
Income before income taxes
27.5
29.9
99.5
101.8
Income tax expense
6.7
7.0
22.4
23.3
Net income
$
20.8
$
22.9
$
77.1
$
78.5
Net income per share
Basic
$
1.11
$
1.23
$
4.10
$
4.25
Diluted
$
1.09
$
1.21
$
4.03
$
4.19
Weighted average shares outstanding
Basic
18,810,267
18,570,293
18,790,824
18,485,806
Diluted
19,093,873
18,878,311
19,120,455
18,747,128
GEOGRAPHICAL NET SALES(1)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
% Change
2024
2023
% Change
Americas
$
218.7
$
211.2
3.6
%
$
662.1
$
632.2
4.7
%
Europe, Middle East and Africa
76.3
72.0
6.0
%
234.6
234.1
0.2
%
Asia Pacific
20.8
21.5
(3.3
)%
61.1
65.9
(7.3
)%
Total
$
315.8
$
304.7
3.6
%
$
957.8
$
932.2
2.7
%
(1) Net of intercompany sales.
TENNANT COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except shares and per share
data)
September 30,
2024
December 31,
2023
ASSETS
Cash, cash equivalents, and restricted
cash
$
91.3
$
117.1
Receivables, less allowances of $6.8 and
$7.2, respectively
260.2
247.6
Inventories
201.8
175.9
Prepaid and other current assets
40.6
28.5
Total current assets
593.9
569.1
Property, plant and equipment, less
accumulated depreciation of $316.4 and $304.0, respectively
183.7
187.7
Operating lease assets
52.1
41.7
Goodwill
198.4
187.4
Intangible assets, net
66.4
63.1
Other assets
121.6
64.4
Total assets
$
1,216.1
$
1,113.4
LIABILITIES AND EQUITY
Current portion of long-term debt
$
0.6
$
6.4
Accounts payable
128.0
111.4
Employee compensation and benefits
59.4
67.3
Other current liabilities
85.5
88.6
Total current liabilities
273.5
273.7
Long-term debt
208.6
194.2
Long-term operating lease liabilities
35.2
27.4
Employee benefits
13.8
13.3
Deferred income taxes
7.9
5.0
Other liabilities
28.6
21.5
Total long-term liabilities
294.1
261.4
Total liabilities
$
567.6
$
535.1
Common Stock, $0.375 par value; 60,000,000
shares authorized; 18,872,792 and 18,631,384 shares issued and
outstanding, respectively
7.1
7.0
Additional paid-in capital
76.8
64.9
Retained earnings
608.6
547.4
Accumulated other comprehensive loss
(45.3
)
(42.3
)
Total Tennant Company shareholders'
equity
647.2
577.0
Noncontrolling interest
1.3
1.3
Total equity
648.5
578.3
Total liabilities and total equity
$
1,216.1
$
1,113.4
TENNANT COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Nine Months Ended
September 30,
2024
2023
OPERATING ACTIVITIES
Net income
$
77.1
$
78.5
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation expense
29.6
26.4
Amortization expense
11.4
11.0
Deferred income tax benefit
(1.8
)
(7.4
)
Share-based compensation expense
9.4
8.6
Bad debt and returns expense
1.8
3.2
Other, net
0.5
0.5
Changes in operating assets and
liabilities:
Receivables
(12.3
)
7.9
Inventories
(35.7
)
3.5
Accounts payable
17.9
(25.1
)
Employee compensation and benefits
(8.1
)
18.3
Other assets and liabilities
(37.6
)
(0.8
)
Net cash provided by operating
activities
52.2
124.6
INVESTING ACTIVITIES
Purchases of property, plant and
equipment
(11.5
)
(15.3
)
Purchase of investment
(32.1
)
—
Payments made in connection with business
acquisition, net of cash acquired
(25.7
)
—
Investment in leased assets
(0.4
)
(0.5
)
Cash received from leased assets
0.6
0.6
Net cash used in investing activities
(69.1
)
(15.2
)
FINANCING ACTIVITIES
Proceeds from borrowings
40.0
20.0
Repayments of borrowings
(32.5
)
(98.7
)
Payment of debt financing costs
(2.2
)
—
Proceeds from exercise of stock options,
net of employee tax withholdings obligations
19.6
18.1
Repurchases of common stock
(17.1
)
(11.7
)
Dividends paid
(15.9
)
(14.8
)
Net cash used in financing activities
(8.1
)
(87.1
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(0.8
)
(2.7
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(25.8
)
19.6
Cash, cash equivalents and restricted cash
at beginning of period
117.1
77.4
Cash, cash equivalents and restricted
cash at end of period
$
91.3
$
97.0
TENNANT COMPANY
SUPPLEMENTAL NON-GAAP FINANCIAL
TABLES
Reported to Adjusted Net Income and Net
Income Per Share
(In millions, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income - as reported
$
20.8
$
22.9
$
77.1
$
78.5
Adjustments:
Amortization expense
2.6
2.5
8.4
7.9
Restructuring-related charge (S&A
expense)
—
—
0.4
0.8
ERP modernization costs (S&A
expense)
2.5
—
7.0
—
Transaction and integration-related costs
(S&A expense)
0.7
—
3.6
—
Net income - as adjusted
$
26.6
$
25.4
$
96.5
$
87.2
Net income per share - as
reported:
Diluted
$
1.09
$
1.21
$
4.03
$
4.19
Adjustments:
Amortization expense
0.14
0.13
0.44
0.42
Restructuring-related charge (S&A
expense)
—
—
0.02
0.04
ERP modernization costs (S&A
expense)
0.13
—
0.37
—
Transaction and integration-related costs
(S&A expense)
0.04
—
0.19
—
Net income per diluted share - as
adjusted
$
1.39
$
1.34
$
5.05
$
4.65
Reported Net Income to Adjusted
Earnings Before Interest, Taxes, Depreciation, and
Amortization
(EBITDA)
(In millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income - as reported
$
20.8
$
22.9
$
77.1
$
78.5
Less:
Interest expense, net
2.7
3.3
7.5
11.0
Income tax expense
6.7
7.0
22.4
23.3
Depreciation expense
10.1
9.2
29.6
26.4
Amortization expense
3.6
3.5
11.4
11.0
EBITDA
43.9
45.9
148.0
150.2
Adjustments:
Restructuring-related charge (S&A
expense)
—
—
0.6
1.2
ERP modernization costs (S&A
expense)
3.3
—
9.2
—
Transaction and integration-related costs
(S&A expense)
0.7
—
3.6
—
EBITDA - as adjusted
$
47.9
$
45.9
$
161.4
$
151.4
EBITDA margin - as adjusted
15.2
%
15.1
%
16.9
%
16.2
%
TENNANT COMPANY
SUPPLEMENTAL NON-GAAP FINANCIAL
TABLES
Reported to Adjusted Selling and
Administrative Expense (S&A expense) and Operating
Income
(In millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
S&A expense - as reported
$
92.7
$
88.2
$
275.5
$
256.9
S&A expense as a percent of net sales
- as reported
29.4
%
28.9
%
28.8
%
27.6
%
Adjustments:
Restructuring-related charge (S&A
expense)
—
—
(0.6
)
(1.2
)
ERP modernization costs (S&A
expense)
(3.3
)
—
(9.2
)
—
Transaction and integration-related costs
(S&A expense)
(0.7
)
—
(3.6
)
—
S&A expense - as adjusted
$
88.7
$
88.2
$
262.1
$
255.7
S&A expense as a percent of net sales
- as adjusted
28.1
%
28.9
%
27.4
%
27.4
%
Operating income - as reported
$
30.6
$
34.7
$
106.7
$
114.1
Operating margin - as reported
9.7
%
11.4
%
11.1
%
12.2
%
Adjustments:
Restructuring-related charge (S&A
expense)
—
—
0.6
1.2
ERP modernization costs (S&A
expense)
3.3
—
9.2
—
Transaction and integration-related costs
(S&A expense)
0.7
—
3.6
—
Operating income - as adjusted
$
34.6
$
34.7
$
120.1
$
115.3
Operating margin - as adjusted
11.0
%
11.4
%
12.5
%
12.4
%
Reported to Adjusted Income Before
Income Taxes and Income Tax Expense
(In millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Income before income taxes - as
reported
$
27.5
$
29.9
$
99.5
$
101.8
Adjustments:
Amortization expense
3.6
3.5
11.4
11.0
Restructuring-related charge (S&A
expense)
—
—
0.6
1.2
ERP modernization costs (S&A
expense)
3.3
—
9.2
—
Transaction and integration-related costs
(S&A expense)
0.7
—
3.6
—
Income before income taxes - as
adjusted
$
35.1
$
33.4
$
124.3
$
114.0
Income tax expense - as
reported
$
6.7
$
7.0
$
22.4
$
23.3
Effective tax rate - as reported
24.4
%
23.4
%
22.5
%
22.9
%
Adjustments(1):
Amortization expense
1.0
1.0
3.0
3.1
Restructuring-related charge (S&A
expense)
—
—
0.2
0.4
ERP modernization costs (S&A
expense)
0.8
—
2.2
—
Income tax expense - as
adjusted
$
8.5
$
8.0
$
27.8
$
26.8
Effective tax rate - as adjusted
24.2
%
24.0
%
22.4
%
23.5
%
(1) In determining the tax impact, we
applied the statutory rate in effect for each jurisdiction where
income or expenses were generated.
TENNANT COMPANY
SUPPLEMENTAL NON-GAAP FINANCIAL
TABLES
Free Cash Flow Conversion
(In millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income - as reported
$
20.8
$
22.9
$
77.1
$
78.5
Adjustments:
ERP modernization costs (S&A
expense)
2.5
—
7.0
—
Net income - as adjusted
$
23.3
$
22.9
$
84.1
$
78.5
Cash provided by operating activities -
as reported
$
30.7
$
54.4
$
52.2
$
124.6
Less:
Capital expenditures
(4.3
)
(3.5
)
(11.5
)
(15.3
)
Free cash flows
$
26.4
$
50.9
$
40.7
$
109.3
Adjustments:
ERP modernization spend
9.4
—
25.6
—
Free cash flows - as adjusted
$
35.8
$
50.9
$
66.3
$
109.3
Net income to free cash flows
conversion
154
%
222
%
79
%
139
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241031628084/en/
INVESTOR RELATIONS CONTACT: Lorenzo Bassi Vice President,
Finance and Investor Relations investors@tennantco.com
763-540-1242
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