Tennant (NYSE:TNC) Updates FY24 Earnings Guidance

Tennant (NYSE:TNC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $6.15 to $6.55 for the period, compared to the consensus earnings per share estimate of $6.51. The company issued revenue guidance of $1.280 billion to $1.305 billion, compared to the consensus revenue estimate of $1.29 billion. Tennant also updated its FY 2024 guidance to 6.150-6.550 EPS.

Tennant Stock Down 5.0 %

Tennant stock traded down $4.37 during trading hours on Friday, hitting $83.19. The company had a trading volume of 133,328 shares, compared to its average volume of 66,732. The firm has a market capitalization of $1.57 billion, a P/E ratio of 14.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46. The firm’s fifty day moving average is $92.94 and its 200-day moving average is $99.28. Tennant has a fifty-two week low of $79.52 and a fifty-two week high of $124.11.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. The firm had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.87%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 EPS. On average, research analysts forecast that Tennant will post 6.48 earnings per share for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.42%. Tennant’s dividend payout ratio (DPR) is 19.75%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday.

Tennant Company Profile

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.