Tennant(US:TNC)2024-11-01 16:57Financial Performance - Q3 2024 - Net sales reached $315.8 million, with organic net sales growth of 2.7% driven by price increases across all regions and volume growth in the Americas, offset by volume declines in EMEA and APAC[3] - Adjusted EBITDA increased by 4.4% to $47.9 million[3] - Adjusted EBITDA margin increased by 10 bps to 15.2%[3] - Adjusted diluted EPS increased by 3.7% to $1.39 per share compared to Q3 2023[3, 12] - Net income decreased to $20.8 million compared to $22.9 million in the prior year, attributed to ERP modernization and M&A costs[12] Regional and Product Category Performance - Americas net sales increased by 4.6%, while EMEA decreased by 0.8% and APAC decreased by 4.3%[14] - Gross margin decreased by 90 bps to 42.4%, due to inflationary pressures on materials and freight costs, partially offset by price realization[15] - Adjusted S&A expense as a percentage of net sales improved by 80 bps to 28.1%[15] Strategic Initiatives and Outlook - The company reaffirms full-year 2024 guidance, projecting net sales between $1.28 billion and $1.305 billion and adjusted EBITDA between $205 million and $215 million[4] - AMR sales now account for approximately 5% of year-to-date net sales[8] - Capital expenditures are projected to be approximately $20 million for the full year 2024[19]