Tennant (TNC) FY2020 results: revenue $1.0 billion, down 12.0% on the year
Tennant Co. (TNC) reported revenue of $1.0 billion for fiscal 2020, the year ended 31 December 2020, down 12.0% on the year before. Net income was $34 million, down 26.4%, and diluted earnings per share $1.81. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.0 billion
-12.0% on the year
FY2013FY2020
Operating margin
6.4%
6.3% a year earlier
FY2013FY2020
Net income
$34 million
-26.4% on the year
FY2013FY2020
Diluted EPS
$1.81
-27.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,001
1,138
1,124
-12.0%
Cost of revenue
593
676
678
-12.2%
Gross profit
408
462
445
-11.7%
Gross margin
40.7%
40.6%
39.6%
Research and development
30.1
32.7
30.7
-8.0%
Selling, general and administrative
314
357
356
-12.1%
Operating income
63.7
71.8
58.0
-11.3%
Operating margin
6.4%
6.3%
5.2%
Interest expense
17.4
17.8
23.3
-2.2%
Pre-tax income
41.1
54.0
35.8
-23.9%
Income tax
7.4
8.1
2.3
-8.6%
Effective tax rate
18.0%
15.0%
6.4%
Net income
33.7
45.8
33.4
-26.4%
Net margin
3.4%
4.0%
3.0%
Diluted EPS
$1.81
$2.48
$1.82
-27.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
134
71.9
80.0
+86.1%
Capital expenditure
29.9
38.4
18.8
-22.1%
Free cash flow
104
33.5
61.2
+210.1%
Free cash flow margin
10.4%
2.9%
5.4%
Cash from investing
-29.9
-55.6
-16.1
Cash from financing
-42.8
-27.4
-32.8
Depreciation and amortisation
53.4
54.4
54.4
-1.8%
Share-based compensation
6.0
11.4
8.3
-47.4%
Buybacks
0.0
0.0
0.0
Dividends paid
16.3
16.0
15.3
+1.9%
Dividend per share
$0.89
$0.88
$0.85
+1.1%
Diluted shares, weighted
19m
18m
18m
+1.0%
Shares outstanding at period end
19m
18m
18m
+0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
405
360
314
+12.5%
Non-controlling interest
1.3
1.4
1.9
-7.1%
Debt
312
339
355
-8.0%
Operating lease liabilities
28.7
30.3
0.0
-5.3%
Finance lease liabilities
0.0
0.0
n/a
Other liabilities
336
332
321
+1.1%
Total liabilities and equity
1,083
1,063
993
+1.9%
Fixed assets
186
173
163
+7.0%
Goodwill
208
195
183
+6.5%
Intangible assets
126
138
147
-8.4%
Cash and equivalents
141
74.6
85.6
+89.0%
Receivables
200
216
208
-7.7%
Inventory
128
150
135
-14.9%
Other assets
94.5
116
71.2
-18.3%
Total assets
1,083
1,063
993
+1.9%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.