Tennant Company released its 2012 First Quarter Results, ending 31 March, with a reported net earnings of $5.3 million, or $0.28 per diluted share, on net sales of $173.7 million, which rose 0.6 percent compared to the prior year quarter.
“The first quarter is seasonally our weakest,” commented Tennant Company’s president and chief executive officer Chris Killingstad.
“Though sales came in lower than anticipated, gross margins of 43.4 percent exceeded our targeted range of 42 percent to 43 percent. The lower sales level partially stemmed from the increased tightening of credit inEurope; but was primarily due to order timing, resulting in a higher than normal order backlog entering the second quarter.”
“Based on the growing momentum of our global strategic accounts orders and the strength of our overall business in the Americas, we are forecasting a good second quarter and a strong second half. Our strategies are working and we expect 2012 full year results to be within our previously provided guidance range.”
As stated in the report, ‘based on its first quarter 2012 results and expectations of performance for the remainder of the year, Tennant Company continues to estimate 2012 full year earnings in the range of $2.30 to $2.45 per diluted share on net sales in the range of $790 million to $805 million.’
Tennant claims it ‘will continue to manage its business with a focus on operational excellence and strong cost controls, and make selective investments in innovative technologies and other key strategic priorities.’
For the full report, visit www.tennantco.com/am-en/Pages/NewsArticle.aspx?item=Tennant Company Reports 2012 First Quarter Results