Why Tennant Stock Popped on Earnings
Shares of cleaning equipment manufacturer Tennant (NYSE: TNC) jumped 11.5% through 11:15 a.m. ET Friday after reporting a sizable earnings beat. Analysts had forecast Tennant would earn $0.84 per share, adjusted for one-time items, on sales of $272.5 million in its fiscal first quarter 2023. In fact, Tennant earned $1.45 per share (adjusted -- actual income as calculated according to generally accepted accounting principles, or GAAP, was $1.30 per share), and its sales exceeded $305 million.