The Company is engaged in designing, manufacturing and marketing of solutions that creates a cleaner, safer world. It provides equipment, parts and consumables & specialty surface coatings to contract cleaners, end-user businesses & federal governments.
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‘On a successful voyage’, if there is one company that would like to reinforce this view, is Tennant (TNC), a world leader in designing, manufacturing and marketing of cleaning equipment and related products. With key offerings include floor maintenance equipment, outdoor cleaning equipment, aftermarket parts, and floor coating and preservation products. Its operations are spread across North America, Europe and other international markets including the Middle East, Asia, Japan, Latin America and Australia, through direct sales and authorized distributors.
Strong operating results in past few years has led the company to win accolades from all over. Tennant’s sales increased 6%, year over year, in recent concluded quarter, driven by new product introductions and margin expansion from more efficient designs of products.
Going forward, multiple aspects should support sustainable earnings growth for TNC. The company intends to expand internationally and is building a low-cost platform to support its manufacturing marks and launch new products. With the company’s Chinese manufacturing facility initiating operations recently, a revenue momentum story is well anticipated. Moreover with the launch of its new M20 integrated Scrubber-Sweeper and T20 Rider Scrubber, the company has achieved its goal of having 30% of sales coming from new products. Likewise its strategic focus on innovations and geographical expansion may prove handy to the company’s goal to achieve a higher operating margin soon.
Though, its high P/E multiple contrary to industry’s envisages a bit skeptical atmosphere, its horizontal acquisition of Hofmans Machinefabriek provides the company with ample opportunities to nurture.