Tennant Q2 net sales $280.2M (+4.4% organic), adj. EBITDA $30.3M; confirms FY guidance near low end

TENNANT CO

2022-Q2 EPS reported $1.44 revenue$538,300,000

Net sales flat at $280.2M; organic growth 4.4% on constant currency but volume constrained by supply-chain.
Gross margin fell 330 bps to 37.9% due to inflation in materials, labor, freight; LIFO reserve increased $2.5M.
Adjusted EBITDA $30.3M (10.8% of sales), down 13.7% YoY; adjusted diluted EPS $0.92 vs $1.14 prior.
Operating cash flow negative $23.6M in H1 vs positive $37.8M last year due to working capital buildup.
Full-year 2022 guidance confirmed: sales $1.125B-$1.170B, adj. EBITDA $140M-$155M; now expect near low end.

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