Tennant (TNC) FY2019 results: revenue $1.1 billion, up 1.3% on the year
Tennant Co. (TNC) reported revenue of $1.1 billion for fiscal 2019, the year ended 31 December 2019, up 1.3% on the year before. Net income was $46 million, up 37.1%, and diluted earnings per share $2.48. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$1.1 billion
+1.3% on the year
FY2012FY2019
Operating margin
6.3%
5.2% a year earlier
FY2012FY2019
Net income
$46 million
+37.1% on the year
FY2012FY2019
Diluted EPS
$2.48
+36.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,138
1,124
1,003
+1.3%
Cost of revenue
676
678
603
-0.4%
Gross profit
462
445
400
+3.7%
Gross margin
40.6%
39.6%
39.9%
Research and development
32.7
30.7
32.0
+6.4%
Selling, general and administrative
357
356
335
+0.2%
Operating income
71.8
58.0
33.0
+23.8%
Operating margin
6.3%
5.2%
3.3%
Interest expense
17.8
23.3
25.4
-23.7%
Pre-tax income
54.0
35.8
-1.3
+50.7%
Income tax
8.1
2.3
4.9
+251.6%
Effective tax rate
15.0%
6.4%
n/a
Net income
45.8
33.4
-6.2
+37.1%
Net margin
4.0%
3.0%
-0.6%
Diluted EPS
$2.48
$1.82
-$0.35
+36.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
71.9
80.0
54.2
-10.1%
Capital expenditure
38.4
18.8
20.4
+104.5%
Free cash flow
33.5
61.2
33.7
-45.3%
Free cash flow margin
2.9%
5.4%
3.4%
Cash from investing
-55.6
-16.1
-375
Cash from financing
-27.4
-32.8
319
Depreciation and amortisation
54.4
54.4
43.3
-0.0%
Share-based compensation
11.4
8.3
5.9
+37.1%
Buybacks
0.0
0.0
0.0
Dividends paid
16.0
15.3
15.0
+4.6%
Dividend per share
$0.88
$0.85
$0.84
+3.5%
Diluted shares, weighted
18m
18m
18m
+0.6%
Shares outstanding at period end
18m
18m
18m
+1.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
360
314
297
+14.5%
Non-controlling interest
1.4
1.9
2.0
-26.3%
Debt
339
355
377
-4.6%
Operating lease liabilities
30.3
0.0
n/a
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
332
321
319
+3.5%
Total liabilities and equity
1,063
993
994
+7.1%
Fixed assets
173
163
180
+6.0%
Goodwill
195
183
186
+6.8%
Intangible assets
138
147
172
-6.0%
Cash and equivalents
74.6
85.6
58.4
-12.9%
Receivables
216
208
203
+4.1%
Inventory
150
135
128
+11.1%
Other assets
116
71.2
66.2
+62.4%
Total assets
1,063
993
994
+7.1%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.