Benzinga | May 4, 2021 09:05AM EDT

Tennant Company Sees FY21 Adj. EPS $4.10-$4.50 vs $3.47 Est.; Sales $1.09B-$1.11B vs $1.06B Est.

2021 Business Outlook

"We were very pleased with our performance in the second half of 2020 and the momentum we experienced coming into this year," said Huml. "While we continue to navigate through existing market conditions, we are encouraged by our outperformance in the first quarter of 2021. We are optimistic that this represents the beginning of a market recovery and are confident in our ability to continue to execute against our strategic initiatives. We have taken this into account in raising our full-year guidance."

For 2021, Tennant provides the following updated guidance:

* Net sales of $1.090 billion to $1.110 billion, reflecting organic sales growth of 9 to 11 percent;

* Full-year reported GAAP earnings in the range of $3.45 to $3.85 per diluted share;

* Adjusted EPS of $4.10 to $4.50 per diluted share, which excludes certain non-operational items and amortization expense;

* Adjusted EBITDA of $140 million to $150 million;

* Capital expenditures of $20 to $25 million; and

* An adjusted effective tax rate of approximately 20 percent, which excludes the amortization expense adjustment.