Tennant Reports Lower Earnings on Higher Sales

Minneapolis, MN, April 24, 2012 -- Tennant Company reported net earnings of $5.3 million, or $0.28 per share, on net sales of $173.7 million for the first quarter ended March 31.

A year ago, Tennant reported net earnings of $5.9 million, or $0.30 per diluted share, on net sales of $172.6 million.

The company, which makes cleaning equipment, said sales came in lower than anticipated but gross margins of 43.4% exceeded expectations.

Tennant said sales increased 3.0% in the Americas, driven by growth in industrial scrubbers equipped with ec-H2O technology and outdoor equipment.

Sales of scrubbers equipped with ec-H2O technology increased approximately 4% to $29 million compared to the prior year quarter.

Full year 2011 sales of scrubbers equipped with ec-H2O were $140 million, up approximately 46% compared to the prior year.

During the quarter, Tennant introduced its Eco-ITS urethane floor coatings, using a 95% plant-based polyol supplied under an exclusive agreement with Cargill.


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