Tennant Q3 Results Top Estimates; Narrows FY13 Outlook

(RTTNews) - Tennant Co. (TNC) reported net earnings of $10.6 million, or $0.56 per share, for the third quarter, compared to $8.7 million, or $0.46 per share for the year-ago quarter.

The year-ago quarter results included two special items that reduced earnings by a total of $0.01 per share.

Net sales for the third quarter rose 5.8% to $188.54 million percent from $178.27 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.55 per share on revenue of $186.83 million for the third quarter.

Based on its year-to-date results and expectations of performance for the remainder of the year, Tennant narrowed its estimated 2013 full year adjusted earnings to the range of $2.25 to $2.40 per share on net sales in the range of $750 million to $760 million. Including the 2013 first quarter special items of a net loss of $0.02 per diluted share, the company expects 2013 full year diluted earnings per share in the range of $2.23 to $2.38. Previously, the company expected adjusted earnings in the range of $2.20 to $2.50 per share and net sales in a range of $750 million to $770 million.

Analysts currently expect the company to earn $2.32 per share on revenue of $753.80 million for the full year 2013.