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Tennant Co. (TNC) Dropped Sharply After Q1 Report

Tennant Co. (TNC: Quote) reported a first quarter profit of $0.28 per share Monday morning, down from $0.30 per share in the previous year. The consensus estimate was for EPS of $0.39. Full year 2012 EPS is expected to be between $2.30 and $2.45, compared to the consensus estimate of $2.37.

Tennant gapped open lower Monday and fell sharply in early trade. Shares declined further around midday and closed down by 5.80 at $42.04, with volume at a 6-month high. Tennant sank to over a 3-week low and dropped beneath its 50-day moving average.

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by RTT Staff Writer

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