Tennant Increases Dividend by 5%

Dow Jones07:56

Tennant said its board has approved a 5% increase to the company's quarterly cash dividend.

The provider of industrial and commercial cleaning products said the new dividend of 32.5 cents per share, will be payable on Dec. 15 to shareholders of record at the close of business on Nov. 30. Tennant also said it paid a cash dividend for the past 82 consecutive years, and increased the dividend payout for 55 consecutive years.

The company was previously paying a dividend of 31 cents per share. In October of last year, the company raised the dividend to 31 cents per share from 29 cents.

The new dividend, $1.30 on an annual basis, represents a yield of about 1.9%, based on the most recent closing price of $68.73 for Tennant shares.

The company also reported its third-quarter financial results. Tennant said earnings per share in the quarter were $1.12 on revenue of $322.3 million. In the year-ago period, the company reported EPS of 80 cents on revenue of $303.3 million.

The company also said it was expecting 2026 sales in a range of $1.27 billion and $1.31 billion.

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