Why Tennant Stock Dropped 10% This Morning
Shares of cleaning equipment manufacturer Tennant Company (NYSE: TNC) plummeted more than 10% in early Thursday trading after the company reported third-quarter 2017 adjusted earnings of $0.32 per share -- barely half of the $0.63 per share that Wall Street had predicted. Despite retracing somewhat after the initial drop, Tennant's stock was still down 8.1% as of 10:50 a.m. EDT.
Attention, Tennant shareholders! Cleanup needed in aisle, er, quarter 3. Image source: Getty Images.
The news gets worse. When calculated according to GAAP accounting standards, Tennant earned only $0.20 per share last quarter, less than one-third of the $0.64 per share it had earned in the year-ago quarter. This was despite enjoying a 31% surge in sales year over year.
Source: Fool.com
