Tennant Co. has reported a company record annual net income of US$64.9 million for its 2021 fiscal year, up 92.6 per cent from $33.7 million a year earlier.
For 2021, the company reported net sales of $1.09 billion, a jump of 9 per cent from the previous year’s tally of $1 billion.
Organic net sales in the company’s EMEA division climbed 14.2 per cent compared to the previous year while Tennant’s Americas division reported a 7.4 per cent rise in sales.
Net sales in Asia-Pacific (APAC) increased 5.6 per cent organically for the full year but declined 7.2 per cent in the fourth quarter.
The quarter decline was attributed in part to supply-chain disruptions and labour constraints in China, with new pandemic-related shutdowns in the region, the impact of which was partially offset by strong demand in Korea and Australia.
“Reflecting on 2021, I am proud of our record net income and how our team has responded to inflationary pressures and an extremely challenging global supply chain environment,” said Dave Huml, Tennant president and CEO.
“Our team has remained focused on meeting customer demands and driving shareholder value by executing our long-term strategy: win where we have competitive advantage, reduce complexity and build scalable processes, and innovate for profitable growth.”
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