BOSTON (Thomson Financial) - Tennant Co. Tuesday said second-quarter net earnings fell to $8.3 million, or 44 cents a share, from $10.5 million, or 55 cents a share, in the year-ago period.
Results for the latest quarter include charges of 10 cents a share.
The mean estimate of analysts polled by Thomson Reuters was for second-quarter profit of 60 cents a share.
Revenue for the Minneapolis-based maker of floor-maintenance products rose to $193.6 million from $165.2 million a year earlier. Analysts, on average, had estimated revenue of $185.8 million.
For 2008, Tennant cut its earnings forecast to $1.85 to $2.10 a share from its previous guidance of $2.25 to $2.40 a share. The company said the lowered forecast is based on sluggish economic conditions in North America and Europe, intensifying commodity inflation pressures and unusual items in the second quarter. Analysts, on average, currently predict 2008 profit of $2.18 a share.
Shares closed Monday at $27.66. Casey Logan cl/tk1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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