Brief: Tennant Company Reports Preliminary Q1 2020 Financial Results And Provides Business Update

Tennant

24/04/2020 14:29

April 24 (Reuters) - Tennant Co  TNC.N :
    * MPANY REPORTS PRELIMINARY FIRST-QUARTER 2020 FINANCIAL
RESULTS
AND PROVIDES BUSINESS UPDATE
    * Q1 SALES $252 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$267.5
MILLION
    * WITHDRAWS FY2020 GUIDANCE DUE TO CORONAVIRUS PANDEMIC
    * KEITH WOODWARD, CO'S SENIOR VP AND CHIEF FINANCIAL
OFFICER, HAS
ELECTED TO RESIGN
    * TENNANT - ANDY CEBULLA, CO'S VP OF FINANCE & CORPORATE
CONTROLLER, WILL CONTINUE TO ACT IN AN INTERIM CAPACITY UNTIL A
PERMANENT CFO IS NAMED
    * PRELIMINARY Q1 GAAP EPS IN RANGE OF $0.26 TO $0.29 PER
DILUTED
SHARE
    * PRELIMINARY Q1 ADJUSTED EPS IN RANGE OF $0.55 TO $0.58 PER
DILUTED SHARE
    * DREW AN ADDITIONAL $125 MILLION FROM ITS $200 MILLION
REVOLVER
DURING Q1 2020, & HAS ABOUT $30 MILLION OF REMAINING UNDRAWN
FUNDS
    * AS OF MARCH 31, 2020, CO HAD $192 MILLION IN CASH AND CASH
EQUIVALENTS
    * TENNANT - MEASURES TO MINIMIZE FINANCIAL IMPACT OF
PANDEMIC
INCLUDE COMBINATION OF REDUCED WORK SCHEDULES, FURLOUGH PROGRAMS
FOR ALL EMPLOYEES GLOBALLY
    * TENNANT - CEO WILL FORGO 100% OF HIS SALARY, SENIOR
LEADERS
WITHIN ORGANIZATION WILL FORGO 35% OF THEIR SALARIES, THROUGH Q2
    * TENNANT - BOARD OF DIRECTORS WILL TAKE 50% CUT IN PAY
THROUGH Q2
    * TENNANT - PRIMARY IMPACT OF CORONAVIRUS PANDEMIC ON CO'S
BUSINESS HAS BEEN RELATED TO TEMPORARY PLANT SHUTDOWNS, SLOWDOWN
IN SALES TO SOME END MARKETS
    * TENNANT - CO'S CHINA FACTORIES WERE CLOSED FOR TWO WEEKS
IN FEB,
COTEMPORARILY SUSPENDED OPERATIONS AT PLANTS IN ITALY & U.S. AT
TIMES DURING MONTH OF MARCH

Source text for Eikon:  ID:nBw7vzlTka 
Further company coverage:  TNC.N 

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