Sales of organic products helped lift sales despite the economic downturn
Tennant Co. said Thursday that its profits soared in the second quarter as it gained traction with its water-based technology and products.
The Minneapolis company reported net income, including special charges, of $13.7 million or 71 cents per share, on sales of $199.5 million. That compares to $5.9 million, or 30 cents per share, on sales of $201.3 million in the same quarter last year.
Tennant chief executive Chris Killingstad called it a "solid" quarter with record profits. "Our strategies to innovate in our core business and with new water-based technologies while lowering Tennant's cost structure to enhance profitability are working," he said. "Although sales growth was constrained by global economic headwinds, organic sales rose about 3 percent, driven by an organic sales increase of approximately 7 percent in our largest geography, the Americas."
The company designs and manufactures commercial and industrial cleaning products and coatings around the world, including sustainable and chemical-free products. The company, for example, recently launched a line of bio-based urethane floor coating called Eco-ITS.
Jim Buchta 612-673-7376