Tennant (TNC) Q2 Earnings and Revenues Beat Estimates

Core Insights - Tennant (TNC) reported quarterly earnings of $1.83 per share, exceeding the Zacks Consensus Estimate of $1.78 per share, but down from $1.86 per share a year ago [1] - The company achieved a revenue of $331 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.44% and up from $321.7 million year-over-year [3] Earnings Performance - The earnings surprise for the quarter was 2.81%, following a previous quarter where the company had a surprise of 24.83% by reporting $1.81 per share against an expectation of $1.45 [2] - Over the last four quarters, Tennant has exceeded consensus EPS estimates three times [2] Revenue Insights - The company has topped consensus revenue estimates two times over the last four quarters [3] - Current consensus EPS estimate for the upcoming quarter is $1.53 on revenues of $313.1 million, and for the current fiscal year, it is $6.56 on revenues of $1.27 billion [8] Market Performance - Tennant shares have increased by approximately 3.6% since the beginning of the year, compared to a 9% gain in the S&P 500 [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - Tennant operates within the Zacks Manufacturing - General Industrial industry, which is currently ranked in the bottom 33% of over 250 Zacks industries [9] - Research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than a factor of 2 to 1 [9]