Every material Form 8-K Tennant filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Tennant Company reported third quarter 2024 net sales of $315.8 million, up 3.6% from a year earlier, and adjusted diluted EPS of $1.39, up 3.7%. GAAP net income fell 9.2% to $20.8 million and GAAP diluted EPS fell 9.9% to $1.09, while the company affirmed its 2024 guidance, so shareholders see higher sales and adjusted earnings alongside lower reported profit.
Net sales were $315.8 million, up 3.6%, or 2.7% organically; Americas organic sales rose 4.6% while EMEA fell 0.8% and APAC fell 4.3%.
GAAP diluted EPS was $1.09 versus $1.21 a year earlier; adjusted diluted EPS was $1.39 versus $1.34.
Adjusted EBITDA was $47.9 million, up 4.4%, and operating cash flow was $30.7 million, down $23.7 million from the prior-year period.
The company affirmed 2024 guidance, including net sales of $1,280 million to $1,305 million and adjusted diluted EPS of $6.15 to $6.55.
Tennant Company reported second-quarter 2024 net sales of $331.0 million, up 2.9% from a year earlier, while net income fell 10.9% to $27.9 million and diluted EPS fell to $1.45 from $1.68. The company raised its full-year 2024 guidance, with net sales now expected at $1,280 million to $1,305 million and Adjusted EBITDA at $205 million to $215 million.
Q2 2024 net sales were $331.0 million, up 2.9%, or 2.7% organic; Asia Pacific sales fell 13.5%.
Net income was $27.9 million versus $31.3 million, and diluted EPS was $1.45 versus $1.68; the company cited ERP modernization and transaction and integration costs.
Adjusted diluted EPS was $1.83 versus $1.86 a year earlier, and Adjusted EBITDA was $58.6 million, up 1.7%.
Updated 2024 guidance: net sales $1,280 million to $1,305 million (previously $1,270 million to $1,295 million); Adjusted EBITDA $205 million to $215 million (previously $198 million to $213 million).
Tennant Company entered a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank as administrative agent, providing a senior secured revolving facility of up to $650 million through August 7, 2029. The facility can be expanded by up to $325 million and is secured by substantially all of the company's personal property and pledged subsidiary stock, which adds lender-related obligations and covenants that shareholders should note.
Revolving facility up to $650 million, maturing August 7, 2029, with an option to expand by up to $325 million
Borrowings in U.S. dollars priced off prime rate, NYFRB Rate or Adjusted Term SOFR, with spreads depending on leverage ratio
Covenants include a maximum indebtedness to EBITDA ratio of 3.75 to 1.00 and a minimum EBITDA to interest expense ratio of 3.00 to 1
Dividends and stock repurchases are limited when leverage exceeds 2.50 to 1, capped at the greater of 10% of consolidated total assets and $100 million per fiscal year
Tennant Company elected Mark W. Sheahan, President and CEO of Graco Inc., to its Board of Directors effective May 15, 2024, and appointed him to the Audit and Executive Committees. The filing describes a board appointment with standard non-employee director compensation, not a change in financial results or guidance.
Board elected Mark W. Sheahan on May 13, 2024, effective May 15, 2024
Sheahan joins the Audit Committee and Executive Committee and will stand for re-election at the 2025 annual meeting as a Class II director
He will receive standard non-employee director compensation, pro-rated from election until the 2025 annual meeting, as disclosed in the March 21, 2024 proxy statement
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Tennant filing is on SEC EDGAR ↗. 8-K briefs of other companies →