TNC - Earnings call transcript Q3 2018

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Operator

Good morning. My name is Sheryl and I will be your conference operator today. At this time, I would like to welcome everyone to Tennant Company's Third Quarter 2018 Earnings Conference Call. [Operator Instructions] Thank you for participating in Tennant Company's third quarter 2018 earnings conference call. Beginning today's meeting is Mr. President Financial Vice Company. for Senior Paulson, and Officer Chief Tennant Tom Mr. you begin. Paulson, may

Thomas Paulson

Good welcome Paulson, Thanks third everyone of morning, Sheryl. and earnings and Financial call. Tennant President Company. quarter to conference I'm Vice Tom Senior Chief Officer XXXX Company’s Tennant

our brief our XXXX then and are quarter, and our President strategies, against for Corporate Counsel. Kirstin Deputy After the Andy core performance me Controller; Stueve, XXXX. call today and Today, third Tom President the financials. General review progress and Killingstad, questions. and and Chris Joining during for Cebulla, our that, we President Vice Tennant's CEO; Vice Treasurer; outlook Chris Finance operations ongoing up we'll I'll the our you updated cover will of will open first Stokes, on

slides We for XXXX. replay are it this along makes conference using results. this and November our A investors.tennantco.com our these this accompany be slides hope call call of XX, following call. this We until Investor Relations to will you conference available website review on to easier with

we uncertainties with affect and and harbor of described results. Securities those to before today's that and forward-looking the our may please Now statements in filed safe particularly Such regarding review remarks that to future risks results and we are actual statements news you our differ our of company's performance. questions a the are expectations contain those may statement in These uncertainties our contained and subject be this and statements. may morning description Commission. and the documents from our risks begin, answers advised We uncertainties to materially risks the documents for Exchange encourage release

non-GAAP conference this will we exclude or on Additionally, certain items. measures that discuss include call,

provide the also directly third were items There non-GAAP and measure, GAAP most XXXX in For each both comparable measure. we XXXX the non-GAAP quarters.

results. non-GAAP of third GAAP to includes a measures earnings our release Our reconciliation quarter these XXXX

issued this Investor was is release posted earnings on BusinessWire website. and also morning Our via Relations our

Now, I'll turn the call over Chris. to

Chris Killingstad

every shareholders. maintaining Tennant to strategies at These to of pipeline one invest our for long-term growth. for to designed strength thanks Thank top strategies core footprint, to product broadening you, you rigor of necessary are deliver and robust us. pursuing and organization the build strength sustained driving financial our new to streams preserving diversifying The across revenue from touch future operational bottom joining value our dimension to Tom, to a thing, to the all throughout Tennant Company our and achieve for necessary are we

again made During the quarter, third strategies. core we these once solid across progress

U.S. many encouraged While make persistent we organization. across sector, needle shared by by across progress the the am our those face some entire our challenges, ability manufacturing are move which to of and I

our have we $XXX regions consolidated net continued quarters, several X.X%, and sales than strength past during sales more the quarter. across On a our XXXX that during For geographic up basis, to third organically the pointed to X.X% third million grew quarter.

this period, Notably, region as in as our our the region, broad-based the pleased again sales Americas, very across during with in Tennant performance a year-over-year the With well faced EMEA strength footprint. challenging the sales comparison quarter. generated are Asia exception our growth sales Pacific in the which of we during

channels. pleased to remained across execute our ability also We by

central progress Thus significant component XXXX, and far recall, of we strategic accounts. diversifying demonstrated in our direct, channels in have strategy. has our distributor all channels; go-to-market you’ll As go-to-market a been

our sales in sales reflected particular Our account performance strategic channel. third strength quarter

to Moving efforts. IPC integration our on and

We continue pleased underlying to with IPC. be of the performance

region. our across operations During EMEA the we progress substantial aligning made quarter, strategically the

of by finalizing next which EMEA will in early a organizational our we significant future be effective team milestone achieved the year. Importantly, structure leadership

the EMEA Tennant the growth and preserving drive of combination stability of a of future. ability leaders unify am profile proud I IPC while legacy organization business We the teams our our the region. maintain in will IPC the and and to to Tennant in

and our In from range business opportunities ways for a a on specifically high-pressure including extractors, a floor washers, ability China. finding carpet in China. Selectively and to of we machines, the scrubbing synergies cleaning commercial Cleaning capturing equipment markets also quarter, acquire our focus key agreement leader blowers, the mid-tier in Gaomei scrubbers. small- we solutions Company the progress announced serve and Gaomei capitalize for to to for to industrial sweepers, market the APAC This acquisition on combination. midsized continue recognized addition, remains Gaomei vacuum growth make cleaners, during extends to and machines in R&D manufactures single-disk cleaning is Tennant Equipment applications. full

We - impressed transaction their and very our now together. about quarter this the with the quarter of sorry, potential enthusiastic management expect second complete of XXXX. We are team in to first

area areas an are the is these Turning macroeconomic efficiencies is intense within U.S. in of our the within have and efficiency manufacturing within control which margin manufacturing management, and are directly improved to focus investments have Operational and squarely performance. our our to of operating effectiveness now those efficiency a offerings and It challenge both and to areas both these two we success. part control, break profile. into made our our Tennant better Utilization areas those and the expense manage and been field categories, our current helpful margin respectively focus which of have service our within environment expense and service areas of affecting manufacturers. of operations capabilities two

labor impact and however, we're macro These take gross having freight impacting margin. on execute inflation, these factors several productivity, the higher margins. on of costs, shortages raw form gross material We are, There continue which periodically impact favorable a to that initiatives tariffs.

reducing XXXX. factors, basis XX we Given for full points these year gross by are expectations margin our

to ratio quarter. with our expense While critical we the entire our improve ability to a S&A are And management of our expense these enterprise manage we work course, across is, challenges, year-over-year focus. pleased during

on call uptick. the product color over some our Now, Tom, new and technology before to turning

We order cleaning TX first for have continue R&D position. propel machine in a autonomous from necessary robotic technology to to Notably, leadership Tennant. taken our our at our levels invest clear we scrubber,

to product new of We track commercialization and pleased have promising XXXX be of fourth with are this this the on quarter offering to technology. committed by

excited by are we're interest are the We this and growth. long-term for from receiving to with the encouraged product customers related prospects new

index, of we of the innovation and know, new in you our sales is our As three percentage from which offerings the our products also progress customers product track of to vitality years. by issued relevancy last

performance in we offset various progress above pleased well orders were in the affecting again are our the ability target our Overall, in the of and are to are the improvements underlying of are we business place, shareholder external making given strategies seeing and quarter, confident sales underlying For Actions across our XX%. we performance. with controls we margins, in once our strong the we're to business, we operational spending in have headwinds the third value. confident continued and our motion drive appropriate

Now, through quarter Tennant's I'll take you to Tom? Tom ask third financial results.

Thomas Paulson

my In and fully on per today, a Chris. are regional reminder, Also, both organic and a basis. GAAP IPC's reporting non-GAAP results share Thanks earnings results. diluted reflect to our as comments references

strategies. and broad-based in our and performance, quarter, witnessed These we to most in cash core flow, leverage, revenue during expense commitment our improvement notably expansion. executing noted, all Chris several on EBITDA discipline As areas the illustrate

$XXX.X roughly improving third higher an organic with sales quarter X.X%. XXXX, results net the impact Tennant exclude unfavorable Organic For million, X.X% year-over-year currency of X.X%. approximately reported sales sales of

diluted $X.X Looking share. or income net at third was quarter line, $X.XX million the bottom per XXXX reported

reflected share. quarter by the in the non-operational that $X.XX results reported per items reduced earnings Our impact or $XXX,XXX of approximately

items, share per third net or in net Excluding last year's adjusted Tennant share. quarter. comparison, earnings of these per reported earnings $XX million Tennant or adjusted By $X.XX reported $X.X million of $X.XX

take XXXX third the a closer let's Now, look quarter. at

a EMEA In X.X%, North Middle the Asia into reminder, markets. China, Asian we As and and of the third Japan, Africa; which which the rose and Europe, organically. all Americas, Latin encompasses XXXX three quarter XX.X% America East Australia which sales covers up sales America; Pacific includes other and group Americas geographies,

our this that parts industrial sales region Brazil. broad which strength consumable during breadth and in We are on reflects period, with in in a performance business, our accounts, higher continued pleased of combination equipment strength based service the America, of South expansion sales strategic continued in in

EMEA, or We into X.X% QX organically. last during growth region XX.X% need this reported in in outperformance sales quarter. which comp X.X% were year’s the organic down year’s significant challenging to Turning third to recognize of this led this

our IPC. and remain about in region we within milestones overall mentioned, recent this Chris As integration growth the profile optimistic

the Pacific in products China Sales are XX.X% the the Within organically. Asia sales during of X.X% period. led industrial way or region,

further product Gaomei acquisition are lines combined and in of exciting expansion Our APAC. new avenues for our

adjusted third quarter XXXX margin gross adjusted Tennant’s XX.X% margin, gross XX.X%. to compared an in quarter XXXX was now to of the Turning third

to we impact tackle our these within combine control labor course high XXX and namely the satisfactory basis raw by the margin are markets, Of and and find tight points. levels aggressively freight not margin to margin These factors and ways negatively logistics macro tariffs items to navigate drivers year-over-year factors, price gross approximately material our rate continue costs. and

I continue quarter impacted in channel, in which account margins XX our In our mentioned, experience negatively strategic addition, we by the previously as approximately to points. basis growth robust

experienced offset field with pressure of improvements the quarter. the operations both we our pleased are underlying and are the manufacturing the utilization in margin performance partially to which We we related seeing service of negative

continue to are we experience the expectations recalibrating full reflect our we given for the significant However, macro the dynamics. current year factors, margin to

Research gross XX.X% totaled from or external factors $X.X mentioned. just related are in third to sales. anticipated and X.X% that XXXX of rate quarter margin full-year reducing the I development expense our the to primarily We XX%, million

XXXX year's our to quarter. driving in X% of leverage progress commitment that challenging $X.X Selling leadership the new We compared XX.X% reinforce million XXXX a costs, the we or the $XX.X million worth at Clearly, of third bottom environment. $XX.X third administrative and IPC efficiency and adjusting million for that a quarter sales. to onetime related business of quarter operating in last product of or technology compared maintain to or million our sales, reminding levels expense $X.X It's to sales a expense sales allow XX.X% are demonstrates to of quarter, of or investing noncash are position that amortization included us of confident acquisition the X.X% our was third pipeline. line robust our prior-year in and expense

interest, interest on previously, before amortization Tennant as a impact level result to of earnings noncash given amortization measure acquisition. important EBITDA, now we is the increased and depreciation and IPC expense as an our of Moving expense for the taxes, discussed of

Our million headwinds facing we're of was related with or sales, the quarter was flat our are EBITDA prior-year given gross we compared to quarter. $XX.X XX.X% the to pleased XXXX Overall, adjusted performance third which EBITDA margins.

model include These all rises, driving improve line to to that of focus fixed simplifying globally to the of our revenue initiatives continue to standardizing minimizing expenses. increases We business improve growth our profit continuing across as can gross every across organic in measure. on scalability the control and our Shifting on rate. costs our manufacturing managing to us the areas while operating tax inflation help and processes volume profitability geographies, continue

tax bringing to XXXX are million, cash our which significant year-to-date operations from $XX.X Based tax discrete legislation from in XXXX was the quarter. on XXXX. operations our compared effective XX.X% for profitability in favorable quarter of impact and quarter, a year-ago as-adjusted cash forecast $XX.X third increase. performance, compared tax items the flow impact benefits, Tennant’s mix This we XX% we the million illustrates the the geographic full-year U.S., experience. X.X% updating tax rate new marks Our rate year-to-date third in favorable the was million in for to quarter those of the a to for of $XX.X to higher-than-anticipated

Looking the debt aspects also dividends million. at million paid our $XX.X third Tennant quarter XXXX other $X.X by and allocation, in cash of of capital of reduced

for outlook Now, our moving XXXX. to the full-year

we stated, with our pleased across are broad-based our strategies. progress Chris As

our our and margins, Our management several end net factors: takes expenses, lower and Accordingly, consideration factors efficiency tax million range initiatives, full-year updated tight on XXXX macro $X of by impacting and forecasted higher we updated are both the guidance narrowing current into momentum, and for respectively. guidance controllable continued sales rate. sales increasing million progress our gross our $XX operational for

the range we’re XX.X% We to into margin rate, expect growth and prior and sales and billion, impact a reflecting approximately tax appropriate of $X.XX the increasing controls, XX.X% year organic level, to compared up of $X.XX. X%. to per be in billion At $X.XX rate, adjusted this spending of high net $X.XX of taking range share consideration gross to reduced to sales of earnings the the low the lower-than-expected to end

earnings to GAAP million reported share range year and of full XXXX EBITDA to $XXX to $X.XX a our to a adjusting range also are We million. $XXX our $X.XX per increasing of adjusted

additional growth tax financial rate strategic of of accounts $XX performance in the revised capital most America, effective approximately approximately margin R&D assumptions: gross following includes approximately outlook X% in expense expenditures especially XXXX of of Our of million, XX%. an regions approximately sales, strong North and XX.X%,

open you forward. fiscal committed the line want strategic can we expect as our Q&A, Earlier our this to providing approach Tennant and what year, planning briefly we end targets long-term financial Before move discuss I the we to for to revised of by XXXX. from

our strategic share the XXXX. exercise, the please now our planning We Sheryl, for we'll are now findings open results deeply in and involved in Q&A. line of early

Operator

from Marco from Stonegate first Capital. Rodriguez Instructions] [Operator comes Our question

line open. Your is

Marco Rodriguez

growth of bit of if you in the strategic little was some detail then wondering that maybe you you the Americas, parse guys can more where can of in drivers channels, between I if you it your of maybe direct, different on accounts. rates saw and kind distribution, some the talk a can

Thomas Paulson

been I most direct also basically strategic thing it Well, driver mean, nice the in accounts distribution. has we of as for in key but obviously was mean, and the success - was North year, about had I America the

we So, I number but across you highest a entire or with is very in seen, get like - that’s one of there see. is only higher we've it’s strength than the history that, portfolio. twice once in what our and the balanced, America, numbers that XX.X% may can we With organic hit ever think, growth which to

Marco Rodriguez

are able you similar the And closed little throughout of earlier just into maybe level as in got of organic bit lot you've that as it’s this that anticipating? accounts, finally might growth you the I sustain period XXXX or than far reaccelerating there any be there. rates your rates called XXXX strategic out think push strategic are that of know from year-to-date accounts a some obviously, growth XXXX? Are perhaps like normalized that them you to some kind at a particular

Thomas Paulson

every see thing mean, is, strength I year, the strategic Well, we accounts. in

last part seven it. intently fastest-growing more we've it's years, eight of business the Over because on the focused or our been

it. We intently continue focus to on

relationships great many We with players. have global

tend business year they of Some every cycle. hit those in piece the of to go and

So we exceptionally think year. year strategic strong had with I an accounts this

XXXX, accelerated to had push from the think some to deals. we've of don't I think business because we XXXX I any

growing I to to out think our do and everything plan. challenges else the is And pretty XXXX. much in according same opportunity

Marco Rodriguez

growth talk saw then maybe there that And more have if strength bit their They you could Brazil. with you there. also in bit situation. a about you the groups the have product macro such industrial little you'd talk Wouldn't And China their given then thought gave there. just a drivers about

Thomas Paulson

brands that. I We Brazil. couple Yes. comments a can on two in make have really in of importance

continue Alfa market. entire Brazil strong that had number and position have to also We across one years in seeing bought for have we XXXX. really brand market the Tennant our in we've We're strength broad-based that many, portfolio and in many a

American time continues just Latin the it's it I case In consistently in outperform in been say, market coming. to a would So China, Brazil. of long the

hope we well we're made next side haven't excited announced And in the And on starting we're We've close some year. about key changes. We as China. of We in sure some acquisition that strategy that think we're we as QX made to and I it obviously right headed. performed changes. get people market the as possible early extremely where finally in get

Chris Killingstad

saying Tom in Yes. And Brazil. to build just is on what

And basically those bringing did we to have that this products some branding product is mid-tier fill our products Alfa out extremely The them expanded we other line. to well. done and year in thing IPC portfolio

driving that's sales. helping So

thing The think in things to slug key areas. start been on before out in to see beginning tough one now or that tough said progress as the you're a metro has slug the it’s of of is other benefit we’ve I sales organization we’ve China where direct a make build good to And working and that. is our what we been

Marco Rodriguez

of you you terms to maybe there China, think XXXX. Are through for And need any you're much is QX the terms you you just I'm the safe you surpass? said to assume announcement in - close regulatory Gaomei didn't kind information, of to announced And assuming it material of revenue then I made see can of material? when not financial from a a in hurdles walk in expecting that so in acquisition from that sort standpoint it's I standpoint, exceptionally

Thomas Paulson

That fair would little importance get China. really get I there's a still is things we will over we a we are that - the major to don't capitalize on growth it significant things be ability in complicated strategic be large to feel that the years. to going and growth of for unlikely be any in might and this through to disclose the the market a businesses But We we're key the it and most as of mean think going believe - next done brand is us ourselves acquisition side. forward XX for assumption. us revenue the don't reasons, market of to competitive one that to we And future. XX have gives the hurdles the

Chris Killingstad

thing remember with years. plus Gaomei four now working we've is for been The other

market. do the in to the us terms is to within a Gaomei did clearly us of in acquisition, is leading will for for into can very them So, taking with nowhere Brazil. we we far what thoughtful acquisition business from well IPC in us starting beauty and us know And mid-tier being the Europe do it the us by But help this think player. the systematic for what It pretty in process. Alfa the

the market growing to is because market far, a they're wage They of China mid-tier that tee. fastest mechanized products to biggest to which just sense a cost-effective cleaning need that right products growth, tend starting makes away. and rate fits go premium the to from tend the don't and of and cleaning right in to the today by to the transition big, Gaomei because segment labor to more portfolio the Now product they go

China ability So, come. aggressively hopefully, continue to by for grow, are our to excited in years extremely we to

Marco Rodriguez

like? that And rates help the is and size understand in then can the what of for mid-tier you growth are what of China look the us market kind

Thomas Paulson

around market a between is haven't we specificity from in largest cleaning not But million. million support publicly are a do Well, itself aftermarket growing. side that mean China but hesitant of mechanized and is the numbers also the mid-tier the around that. commented the to I'm mid-tier, $XXX the the and $XXX so somewhere bit only fastest and the imprecise I

market So, The North world in that. in not very is anywhere it it European we the going large American we the that a great But is and China. believe be do data think than market a market. I at It's bit would that leave the to larger - tougher. is little of quality the

Chris Killingstad

is, premium now. what can larger we which far, say by play the where we market And is than

Thomas Paulson

Good point. Yes.

Marco Rodriguez

a or or of it - headwinds you're last one, that for circling that on in kind you're perhaps item Obviously, headwinds little stronger are that those you starting bit those affecting of anticipating? And back seems than that broad the anticipating. as all some may that last just been accelerated perhaps bit are might quarter. if guidance, pointed have you are question, there the guys headwinds have a even bit out little some gross Was margin obviously, particular, stronger a line or against than

Thomas Paulson

would I was - us shortage costs the logistics at I a were affect the that freight by less. us and that about were The tariffs most higher two pieces affected the that and material say XXX and did points. to basis things raw labor look really It if

anticipated. and than some So, making progress freight a areas, were we'd like logistics higher to those in but believe we're in we particularly frankly, bit costs had the

Chris Killingstad

accelerate. that did And

Thomas Paulson

one the probably all accelerated third them, the that’s the that of most Of quarter. in

Marco Rodriguez

costs? and logistics freight The

Thomas Paulson

Yes.

Marco Rodriguez

Okay. both? Or

Thomas Paulson

Both.

Operator

next Our Company. Instructions] Gabelli from & [Operator comes Kearney, Brett question

is line Your open.

Brett Kearney

to smaller with business ask there Just allocation like here? you talk organization, just the I perhaps, Gaomei that. capital it coming sale wanted then, to quarter. is, ask, the priorities And could a from into during just about about look if future want

Thomas Paulson

Yes.

to keep We will open. pipeline our continue

will down it's continue I We acquisition. mean to much smaller a pay debt.

price we immaterial But alive. in capital results. for we'll I We the forward. haven't divestiture, currently our pipeline a it's our mean our to that, And as much really allocation it's commenting small the assets noted we but keep won't non-core go on strategy change that

So But it I modest and inconsequential. call out. did would gain we it we have did a from call it,

Operator

question Moore Securities. CJS next Our from Chris from comes

line open. is Your

Chris Moore

gross Maybe go just a for back margin to the second.

for kind in talked those just are four those you in it of over the example, So, an kind of about, the geographically? seeing is pieces. can versus and place freight the contrast EMEA something compare issue impact or America areas I that you’ve North discrete you're Americas costs on really mean, all

Thomas Paulson

It's definitely else anywhere far tougher in North in America than we're world. the seeing

Chris Moore

tariff versus if And U.S., you how in unknowns kind business the EMEA the how on view the IPC at and look guys do the the that? you potential of of about side, some on impact the

Thomas Paulson

the in around amount that XX% of and world, At predominantly product that line. it see in we of is manufactured we acquisition sold a time but Europe. was certainly the the move business of still business with as that's the opportunities IPC Given Europe the

And feel of squarely of uncertainty don't effect to there’ll we too. lot make the effect was believe. that want clear. that the there. business be our really be material There’s in a we bulk on tariffs going to So, We a American North

Chris Moore

- talked of a accounts seeing orders strategic QX Nilfisk their with in canceled. challenges that some and terms Americas standpoint, on in competitive I’m feeling you share? you're about I delayed the taking get from do mean, that just the Maybe the you're of that kind looking sales, being is strength

get a looks for specifically landscape feel what North in of America. Just kind like the to trying

Chris Killingstad

in but the remember I can’t rate, third in grew it growth North XX.X%. quarter we Nilfisk’s was exact I think America by basically while zero

And remember, America right? the North our huge up grew a footprint, far, sales taking most and and struggling we share. And competition and service we had, that's leveraging if It's is advantage And the we’re definitely we're it think that. now. by to secret largest advantage, experienced with right catch our fullest I to So, is by sauce. in XX.X%, competitive

Chris Moore

having EMEA, the they that is that fair is little to kind And to strength QX. seem of similar a - better kind Nilfisk Is do flipside you to here? core kind in about of talk situation of a have that

Chris Killingstad

are they Obviously, are stronger and in European player, a Europe. they

say So, yes, the chance us IPC level acquisition on and - but historically, playing get platform I with to key for the more awards would a finally have the compete platform gives us the field. scale the much the of on players to a kind

although The So, perform seeing strongly. and organically diminishing only is because that to we've remember, our XX.X% said it's there. is European decline reason for we business advantage But still grew that by them others quarter. third you're continues a last

Chris Moore

Understood.

less America, If a APAC. EMEA, the little you than kind XX%-plus look rough XX% revenue at split, of XX% that

to or that that expect from three change now, roughly there? You’d same two much stays think you the years split

Chris Killingstad

No.

I are that all over shooting geographies balanced time. the because portfolio the to think be time closer we to hit we have a split. at to get geographic all much on We business having realized a cylinders more cost stable - not of XX/XX same internally,

strength XX/XX on of our split. to and way. Brazil So, Europe in a to with think that business get much acquisition we’re is in our of in and Asia Alfa is IPC more goal the well now I Pacific the And our Gaomei

Chris Moore

XX% from the strategic to early in fiscal in a point be at plan of just question, probably that rate time? XXXX terms place last to start next kind range, tax in And is expectation is of that out a this better year

Thomas Paulson

so we’re how and not time. count but will certainly you much of around tax regulations ready not guidance. another are we’re our of be than being more way. mean, ready the year be current specific to certainly finding at it Definitely, rate somewhere on to that the I There's can't XX% Yes. north uncertainty give their on tax XX%,

Operator

time. at questions turn back further no call are I’ll there queue the management. the this And to in

Chris Killingstad

Thank right. All you.

a flow are integration for So, global shareholder to channels, across characteristics, of streams strengthening We repurchases; we reinforcing growth again completing to drivers industry. IPC; well sales both we our want our long-term committed our before and the the debt opportunities. our supporting growth investments, regions, for and I and position enhancing the new product technology as geographic product remain our cash and financial inorganic categories; operating leadership expanding central robust thank all who strategically creating and by allocation members strategy team by growth time everybody. and at balancing dividends, driving effectiveness; targeted holistically pipeline; your growth conclude, experiencing organic our you care, your plans position of as capital our momentum leadership Take reduction, share looking today broad-based successfully diversifying across Thank our and to for and questions. are our in Tennant revenue

Operator

and today's you concludes Ladies Thank this very much. call. gentlemen

disconnect. You now may

Thomas Paulson	SVP and CFO
Chris Killingstad	President and CEO
Tom Stueve	VP and Treasurer
Andy Cebulla	VP of Finance and Corporate Controller
Kirstin Stokes	Deputy General Counsel
Marco Rodriguez	Stonegate Capital
Brett Kearney	Gabelli & Company
Chris Moore	CJS Securities

Tennant (TNC) 24 Oct 182018 Q3 Earnings call transcript