Why Tennant Company Stock Gained 24% in July
Commercial cleaning device specialist Tennant Company (NYSE: TNC) outpaced the market last month by gaining 24% compared to a 1% uptick in the S&P 500, according to S&P Global Market Intelligence. The rally put Tennant shareholders back ahead of the market in 2019, up over 32% through early August.
Image source: Tennant Company.
July's rally came mainly in the wake of surprisingly strong earnings results. Tennant revealed a sharp acceleration in its revenue growth for the fiscal second quarter thanks mainly to strength in the core U.S. market. Its growing portfolio of large-contract clients also helped push pricing higher to more than offset cost increases from tariffs.
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