Tennant Co. has reported fiscal third-quarter sales of US$262.9 million, a rise of 1.7 per cent on an organic basis from the previous year.
The company posted a net income of $15.6 million ($0.84 per share), down from $21.5 million ($1.16 per share) a year earlier.
Sales in the company’s Americas division climbed 4.4 per cent compared to the previous year, while Tennant’s EMEA division, which covers Europe, the Middle East, and Africa, reported a decline of 14.5 per cent in sales.
Organic sales declined 14 per cent in APAC, primarily due to volume declines in China as government shutdowns related to COVID-19 continued to unfavorably impact demand.
Dave Huml, Tennant CEO said the company’s third quarter results reflect its commitment to maintain profitability in the current operating environment.
“Macroeconomic headwinds, including foreign currency volatility, persisted during the quarter, and we anticipate this environment will continue to impact results.
“We continue to execute on various strategic actions and make targeted investments to overcome supply chain disruptions and address our backlog of approximately $280 million.”
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