Tennant Co. has reported fiscal second-quarter net sales of US$321.7 million, an increase of 14.8 per cent compared to consolidated net sales of $280.2 million in the second quarter of 2022.
The company posted a net income of $31.3 million ($1.68 per share), an 88.6 per cent jump from $16.6 million ($0.89 per share) a year earlier.
Sales in the company’s Americas division, which includes all of North America and Latin America, climbed 21.4 per cent compared to the previous year, led by strong equipment and parts and consumables sales in North America.
Tennant’s EMEA division, which includes Europe, the Middle East and Africa, rose 2.4 per cent, while APAC, which includes China, Australia, Japan and other Asian markets, increased 6.3 per cent, with the rise driven by price realisation in Australia and volume growth in China.
“Thanks to our global Tennant team, we built on the momentum of our strong first quarter performance to deliver record second quarter results,” said Dave Huml, Tennant president and CEO.
“Our strong organic net sales growth and expanding operating margins are the result of the meaningful actions we have taken over the course of the past several quarters.
“Looking ahead, I am pleased to say that we are entering the second half of the year with resilient demand, substantial order backlog, and expectations for continued improvements in our supply chain.”
This was first published by ISSA and has been republished with permission
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