Tennant Q3 net sales down 3.3% YoY; lowers FY2022 EPS and EBITDA guidance

TENNANT CO

2022-Q3 EPS reported $2.27 revenue$801,200,000

Q3 net sales $262.9M (down 3.3% YoY); organic sales +1.7% on pricing; volumes down due to supply constraints.
Q3 net income $15.6M (down 27.4%); adjusted EPS $0.99; adjusted EBITDA $33.8M (margin 12.9%).
FY2022 guidance lowered: diluted EPS $3.20-$3.60 (from prior range); adjusted EBITDA $130M-$140M.
Backlog ~$280M; production ramp slower than anticipated due to supply-chain disruptions.
Board approved 6% dividend increase to $0.265/share, payable Dec. 15 to holders of record Nov. 30.

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