Tennant Co
NYSE:TNC
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Tennant Co
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Tennant Co
Tennant Co. makes cleaning equipment and floor-maintenance tools used in places like factories, warehouses, stores, airports, schools, hospitals, and other large facilities. Its products include floor scrubbers, sweepers, vacuums, and related parts and accessories that help customers clean big spaces more efficiently than manual labor. The company sells mainly to businesses and institutions, not to consumers. It makes money by selling machines, replacement parts, cleaning chemicals, and service through a network of direct sales, dealers, and distributors. It also earns recurring revenue from maintenance, repairs, and consumable products that customers need after the initial equipment sale. Tennant's role in the market is to supply the tools that keep commercial and industrial spaces clean and safe. That makes its business different from a typical equipment maker because it depends not just on one-time machine sales, but also on long-term customer relationships tied to servicing, parts, and the ongoing use of its cleaning systems.
Tennant Co. makes cleaning equipment and floor-maintenance tools used in places like factories, warehouses, stores, airports, schools, hospitals, and other large facilities. Its products include floor scrubbers, sweepers, vacuums, and related parts and accessories that help customers clean big spaces more efficiently than manual labor.
The company sells mainly to businesses and institutions, not to consumers. It makes money by selling machines, replacement parts, cleaning chemicals, and service through a network of direct sales, dealers, and distributors. It also earns recurring revenue from maintenance, repairs, and consumable products that customers need after the initial equipment sale.
Tennant's role in the market is to supply the tools that keep commercial and industrial spaces clean and safe. That makes its business different from a typical equipment maker because it depends not just on one-time machine sales, but also on long-term customer relationships tied to servicing, parts, and the ongoing use of its cleaning systems.
Demand held up well: Tennant said underlying demand remained strong, with Q2 orders of $339 million up 6.6% year over year and backlog rising to $127 million, helping set up the second half.
Margins missed: Gross margin improved sequentially but came in below expectations, and management lowered full-year adjusted EBITDA guidance because of ERP-related costs, discounting in EMEA, inflation and higher operating expenses.
Robotics is a bright spot: Robotics revenue grew 37% in Q2 to about $31 million, and management raised the full-year robotics outlook to $130 million to $145 million as new products begin shipping.
Supply issues: Parts shortages in North America limited shipments and added costs, but management said this is a fulfillment issue, not a demand issue, and expects recovery to begin in mid-Q3.
ERP timeline slips: The company said ERP optimization is taking longer than planned, with North America recovery now expected in the first half of 2027 instead of the second half of 2026, and EMEA deployment pushed beyond 2026.
Guidance split: Tennant raised full-year net sales guidance to $1.27 billion to $1.31 billion, but cut adjusted EBITDA guidance to $155 million to $170 million and adjusted EPS guidance to $3.80 to $4.45.