Tennant reports record 2023 net sales of $1.24B, up 13.9%; introduces 2024 guidance

TENNANT CO

2023-FY EPS reported $5.83 revenue$1,243,600,000

Full-year net income $109.5M (+65.2%); diluted EPS $5.83 (adjusted $6.57); adjusted EBITDA $192.9M (+44.3%).
Q4 net sales $311.4M (+7.0%); Q4 adjusted EPS $1.92 vs $1.46 (+31.5%).
Operating cash flow $188.4M, converting 150% of net income to free cash flow; reduced debt by $100M.
2024 guidance: organic sales growth 2-4%; adj. EPS $6.05-$6.65; adj. EBITDA margin 15.6%-16.4%.
Signed exclusive tech agreement with Brain Corp to accelerate AI robotic cleaning revenue.

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