Late last month Tennant Company reported net earnings of US$5.9 million, on record net sales of US$201.3 million for the second quarter ended June 30, 2011. In the prior year quarter, Tennant reported net earnings of US$6.2 million, on net sales of US$166.1 million.
“We are very pleased with the company’s record second quarter sales, which surpassed any previous quarter in our history,” said Chris Killingstad, Tennant Company’s president and chief executive officer.
“This was our sixth consecutive quarter of double-digit organic sales growth. Notably, these results come on top of the double-digit sales gains we saw in the second quarter of last year. The increased revenue was driven by robust growth across all of our geographies and throughout our entire product portfolio, with the exception of city cleaning,” he noted.
Sales of scrubbers equipped with Tennant’s ec-H2O(TM) technology grew by about 85 percent in the 2011 second quarter compared to the prior year quarter. In the first six months of 2011, sales of scrubbers equipped with ec-H2O totalled US$67 million and Tennant expects 2011 full year ec-H2O sales in the range of US$130 million to US$140 million.
Killingstad explained that, “In light of the economic climate in Europe, we conducted a review of Tennant’s city cleaning portfolio and have decided to focus on the innovative Green Machines products which have the highest potential for long-term growth and margin expansion.”