Minneapolis, MN, July 22—Floor maintenance equipment company Tennant Co. reported net earnings of $3.7 million, or $0.41 per diluted share, on net sales of $128.8 million for its second quarter. The earnings per share increase for the period was 14%, the sales increase for the period was 16%.
For the first six months of 2004 the company reported net earnings of $6.3 million, or $0.69 per diluted share, on net sales of $247.9 million.
Janet M. Dolan, Tennant Company's president and chief executive officer, said second quarter results benefited from healthy growth across all product categories and all geographies. "We had double-digit increases in equipment and aftermarket parts and service revenues and the quarter-over-quarter growth in our North America sales was the strongest we have seen in nearly three years," said Dolan.
"Our second quarter performance reflects not only the continuing recovery in the North American industrial sector, but also the benefits of our prior investments in new products, in expanding our European sales and service coverage and in realigning our North American sales and distribution resources to reach our markets and serve our customers more effectively."
Dolan reaffirmed that Tennant expects earnings per share for the full year of $1.55 to $1.85, the range it initially projected for 2004. "The benefits from the actions we have previously taken to strengthen our business should continue to favorably affect our financial performance in the year's second half," said Dolan. "In addition, our second-half results should benefit from new products scheduled for launch in our third and fourth quarters."
