Tennant Co. has reported record fiscal first-quarter net sales of US$305.8 million, an increase of 18.5 per cent compared to consolidated net sales of $258.1 million in the first quarter of 2022.
The company posted a net income of $24.3 million ($1.32 per share), a 135.9 per cent jump from $10.3 million ($0.56 per share) a year earlier.
Sales in the company’s Americas division climbed 27.5 per cent compared to the previous year, while Tennant’s EMEA division, which covers Europe, the Middle East, and Africa, reported a 4.3 per cent rise in sales and its Asia Pacific segment saw sales increase 1.4 per cent.
“Our strong first quarter performance and increase in volume is the direct result of the actions we have taken over the past several quarters to address parts availability and offset inflation,” said Dave Huml, Tennant president and CEO.
“Our global team continues to book orders and service customers, and in the first quarter we were able to deliver growth in all major geographies. I am very proud of the way our team has adapted to the challenges we’ve faced and capitalised on our opportunities.
“Our goals remain the same as always: a tireless commitment to providing the best products and service in our industry, and to deliver on our commitments for our customers, employees and shareholders. While inflationary and supply chain pressure continue to be present, our business is continuing to show signs of stabilisation, giving us reason for optimism.
“Our first quarter performance provides a strong beginning to the year, but given the continued volatility of parts availability and the uncertain macro environment, we believe it is prudent to maintain guidance at this time.”
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