Tennant Company reported record full-year net sales of $1,286.7 million for 2024, an increase of 3.5% compared to 2023. Full-year adjusted EBITDA reached $208.8 million, with an adjusted EBITDA margin expanding to 16.2%.
For the fourth quarter of 2024, consolidated net sales were $328.9 million, up 5.6% year-over-year, driven by 6.3% organic growth. However, Q4 adjusted diluted EPS was $1.52, a decrease from $1.92 in the prior-year quarter, impacted by higher non-operating costs.
The company provided its full-year 2025 guidance, forecasting net sales between $1,210 million and $1,250 million, which includes an anticipated organic sales decline of 1.0% to 4.0%. This decline is primarily attributed to the year-over-year impact of a $125 million backlog reduction in 2024.
Adjusted EBITDA for 2025 is projected to be between $196 million and $209 million, with an adjusted EBITDA margin of 16.2% to 16.7%. The company generated $89.7 million in cash flow from operations in 2024 and maintained strong liquidity with $99.8 million in cash and $449.3 million of unused borrowing capacity.
Tennant's net leverage ratio stood at 0.48 times Adjusted EBITDA, which is below its targeted range of 1x to 2x. The company plans capital expenditures of approximately $20 million for 2025, continuing to invest in its business while returning $41.0 million to shareholders in 2024 through dividends and share repurchases.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.