ICS Magazine

Tennant shares clean up as profit exceeds estimates

October 28, 2009

Tennant Co. shares rose nearly 12 percent Tuesday after the manufacturer raised its earnings projection for 2009 and beat Wall Street's expectations for the third quarter.

The maker of floor cleaning machines produced net earnings of $5.8 million, or 31 cents per share, for the quarter, far outdistancing analysts' consensus estimate of 18 cents.

While Tennant executives expect sales to remain sluggish, they projected that full year earnings -- excluding unusual items -- will be between 55 to 63 cents a share. That's up from an earlier estimate of 20 to 50 cents per share.