Dips as it withdraws 2020 forecast, CFO resigns

Tennant

24/04/2020 17:04

** Shares of cleaning solutions provider  TNC.N  fall ~2% to
$59.73 after company withdraws 2020 forecast due to coronavirus
and CFO Keith Woodward resigns  urn:newsml:reuters.com:*:nBw7vzlTka 
    ** TNC estimates Q1 sales at $252 mln, below analysts'
expectations of $267.5 mln - Refinitiv IBES data
    ** Company expects Q1 adj. profit per share to be between 55
cents and 58 cents compared with Wall Street estimates of 58
cents per share
    ** CEO Chris Killingstad to forgo 100% of his salary, senior
company executives to forgo 35% of their salaries and the board
will take a 50% pay cut through Q2 of 2020    
    ** Business was hurt from factory closures in China for 2
weeks in February, and temporary operation suspensions at plants
in Italy and the United States during March - TNC
    ** Up to Thrusday's close, stock had fallen ~23.34% this
year

 (Reporting by Gautami Khandke)
 ((Gautami.Khandke@thomsonreuters.com;))