Tennant Company - Q1 2023 Results Report

Tennant Company reports a strong Q1, sending its share price up more than +20% on the NYSE.

"Tennant had a very strong first quarter, with an all-time quarterly record of $306 million in net sales and organic year-on-year growth of +21%, balanced across every geography and product category. The first quarter was also the first period since early 2021 in which we made significant progress reducing our backlog. Our global team continues to serve our customers and I am very proud of the way the team has adapted to overcome the various challenges we have faced and to capitalise on our opportunities," said Dave Huml, President and CEO of Tennant Company.

"Our goals remain what they have always been: a relentless commitment to providing the best products and services in our industry, and to meeting our commitments to our customers, employees and shareholders. While inflationary and supply-chain pressure is still with us, our business continues to show signs of stabilising, which gives us reason for optimism. Our first-quarter performance marks a solid start to the year, but given continued volatility in parts availability and an uncertain macroeconomic environment, we believe it is prudent to maintain guidance at this time."

More information at: Q1 Reports - Tennant Company News