Tennant Q1 net income $10.3M on sales $258.1M; lowers FY adjusted EBITDA guidance to $140M-$155M

TENNANT CO

2022-Q1 EPS reported $0.55 revenue$258,100,000

Net sales of $258.1M down 2% YoY; organic sales growth 0.8% with strong demand but supply constraints.
Gross margin fell to 38.3% from 43% due to material inflation and higher freight costs.
Adjusted EBITDA $27.9M (10.8% of sales) vs $40.7M in prior year; adjusted diluted EPS $0.73.
Revised FY2022 guidance: net sales $1,125M-$1,170M, adj. EBITDA $140M-$155M (down from $145M-$160M).
APAC organic sales declined 20.2% on COVID shutdowns in China; cash used in ops $10.1M.

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