Tennant Earnings Down But Beat Estimates

Minneapolis, MN, Oct. 27, 2009--Tennant Co., which makes floor cleaning products, reported third-quarter net income of $5.8 million, or $0.31 a share, compared with $14.0 million, or $0.76 a share, a year ago.

Net sales fell 17 percent to $154.4 million.

Analysts on average were expecting earnings of 18 cents a share, on revenue of $150.0 million.

Tennant also narrowed its 2009 net sales view to $585 million to $595 million.

It earlier forecast net sales of $560 million to $600 million.

However, Chief Executive Chris Killingstad said, "We continue to face very difficult selling conditions."