Tennant Company - Q2 2023 Results Report

Tennant Company continues to report good results, with a Q2 even better than its Q1.

"In the second quarter we achieved record net sales of $321.7 million, supported by 15% organic growth. We expanded gross margins to 43.4% and delivered adjusted EBITDA of $57.6 million, or 17.9% of net sales. We also converted more than 100% of net income into free cash flow. The main drivers of our second-quarter performance were a marked improvement in parts availability and a generally more stable, predictable supply-chain environment, which resulted in higher volume and a reduced order backlog; continued price realisation and moderating inflation, which drove an improvement in gross margin; and a cautious approach to selling and administrative spend, which benefited adjusted EBITDA." Dave Huml, President and CEO of Tennant Company, told the press conference.

More information at: Q2 Reports - Tennant Company News