TENNANT COMPANY Reports Second Quarter FY2023 Earnings Results as of June 30, 2023
August 9, 2023
🌥️Earnings Overview
On August 4 2023, TENNANT COMPANY ($NYSE:TNC) reported its financial results for the second quarter of FY2023, which ended June 30 2023. The company saw an impressive 14.8% year-over-year increase in total revenue, amounting to USD 321.7 million. Furthermore, their reported net income grew by 88.6%, reaching USD 31.3 million.
Market Price
On Friday, TENNANT COMPANY reported its second quarter FY2023 earnings results as of June 30, 2023. The stock opened at $85.0 and closed at $83.7, up by 3.1% from the prior closing price of 81.2. TENNANT COMPANY saw growth in revenue, net income, and earnings per share for the second quarter of FY2023. This marks the fifth consecutive quarter of growth for the company.
This was done to reduce the company’s outstanding shares and further strengthen their financial position. Overall, TENNANT COMPANY is off to a strong start in FY2023 and is well on its way to meeting its financial objectives for the year. Management is confident that the company’s growth trajectory will continue moving forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Tennant Company. More…
| Total Revenues | Net Income | Net Margin |
| 1.18k | 95 | 8.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Tennant Company. More…
| Operations | Investing | Financing |
| 68.7 | -26.4 | -17.8 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Tennant Company. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.11k | 586.4 | 28.08 |
Key Ratios Snapshot
Some of the financial key ratios for Tennant Company are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.3% | 18.1% | 11.0% |
| FCF Margin | ROE | ROA |
| 3.5% | 16.0% | 7.3% |
Analysis
At GoodWhale, we recently conducted an analysis of the fundamentals of TENNANT COMPANY and have determined it to be a medium risk investment. This conclusion was reached by looking at a variety of factors, including their financial and business prospects. We’ve also identified one risk warning on TENNANT COMPANY’s balance sheet. To see exactly what the warning is, you can register with us and gain more insight into this investment. We recommend that any potential investors take our risk rating into consideration when making their decision regarding TENNANT COMPANY. We strive to provide our users with accurate and comprehensive assessments of companies that will help them make well-informed investments. More…
Peers
Its main competitors are Jiangsu Rutong Petro-Machinery Co Ltd, Chart Industries Inc, and Sandvik AB.
– Jiangsu Rutong Petro-Machinery Co Ltd ($SHSE:603036)
Jiangsu Rutong Petro-Machinery Co Ltd has a market cap of 1.88B as of 2022, a Return on Equity of 2.66%. The company manufactures and sells petroleum machinery and equipment. Its products include drilling rigs, workover rigs, mud pumps, and other equipment. The company was founded in 1998 and is headquartered in Jiangsu, China.
– Chart Industries Inc ($NYSE:GTLS)
Chart Industries is a publicly traded company with a market capitalization of $7.4 billion as of 2022. The company has a return on equity of 3.13%. Chart Industries is a leading global manufacturer of highly engineered cryogenic equipment used in the industrial gas, energy, and healthcare markets.
– Sandvik AB ($LTS:0HC0)
Sandvik AB is a Swedish engineering company that manufactures tools and equipment for the mining and construction industries. The company has a market cap of 218.26B as of 2022 and a Return on Equity of 16.88%. Sandvik is a global company with operations in more than 130 countries. The company’s products are used in a variety of applications, including mining, tunneling, and drilling.
Summary
Analysts attribute Tennant Company‘s strong second quarter performance to its strategy of focusing on new product innovation and customer relationships. The company’s total revenue increased 14.8%, while net income increased 88.6%. In addition, the stock price surged following the announcement of the earnings results. Tennant Company appears to be in a strong position going into the second half of 2023, and investors should keep an eye on this company due to its potential for further growth given its focus on product innovation and customer relationships.
Related Posts
Recent Posts
