Cleaning & Restoration Breaking News

Tennant Reports 2008 Third Quarter Results

MINNEAPOLIS--(BUSINESS WIRE)--Tennant Company, a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer world, today reported net earnings of $14.0 million, or $0.76 per diluted share, on net sales of $185.9 million for the third quarter ended September 30, 2008. Tennant reported net earnings in the comparable 2007 quarter of $11.0 million, or $0.57 per diluted share, on net sales of $161.3 million.

Chris Killingstad, Tennant Company's president and chief executive officer, commented: "We had a very solid quarter, especially in light of the tough economic climate. Our third quarter performance reflects sales growth across all of our regions, and particularly in our emerging markets, such as China and Latin America. Further, Tennant’s selling price actions, combined with cost-reduction programs and global sourcing efforts, continued to drive gross margin improvement.”

Contributing to Tennant’s 2008 third quarter earnings were two unusual items that together resulted in a net benefit of $0.19 per diluted share. These included a $2.7 million net foreign currency gain from the settlement of forward contracts, which added $0.09 per diluted share to earnings, and favorable discrete tax items primarily related to U.S. Federal tax settlements, which added $0.10 per diluted share. In addition, the 2008 third quarter results included dilution of $0.01 per share from the acquisitions of Applied and Alfa.

Earnings for the 2007 third quarter included a net tax benefit of $0.19 per diluted share primarily related to the reversal of a tax valuation allowance on foreign net operating loss carryforwards. Also included in the company’s 2007 third quarter results was a workforce restructuring charge of $0.06 per diluted share. The net effect of these two unusual items was a positive $0.13 per diluted share in the 2007 third quarter.

For the nine months ended September 30, 2008, Tennant Company announced net earnings of $27.5 million, or $1.48 per diluted share, on net sales of $548.1 million. The 2008 first nine months included a $0.07 per share dilutive impact related to acquisitions and a net benefit from unusual items of $0.09 per diluted share.

Tennant reported net earnings in the comparable 2007 period of $27.3 million, or $1.42 per diluted share, on net sales of $481.6 million for the first nine months of 2007. For the first nine months of 2007, the net effect of unusual items was a positive $0.13 per diluted share.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view