Tennant Company (NYSE:TNC) Q3 2017 Earnings Conference Call Transcript

Nov 02, 2017 • 11:00 am ET


Tennant Company (NYSE:TNC) Q3 2017 Earnings Conference Call Transcript


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Good morning, my name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to Tennant Company's Third Quarter 2017 Earnings Conference Call. This call is being recorded. There will be time for Q&A at the end of the call. (Operator Instructions) Thank you for participating in Tennant Company's Third Quarter 2017 Earnings Conference Call.

Beginning today's meeting is Mr. Tom Paulson, SVP and CFO for Tennant Company. Mr. Paulson, you may begin.

Tom Paulson

Thanks, Chris. Good morning, everyone, and welcome to Tennant Company's Third Quarter 2017 Earnings Conference Call. I'm Tom Paulson, SVP and CFO of Tennant Company. Joining me today are Chris Killingstad, Tennant's President and CEO; Jim Stoffel, VP of Global Planning and Analysis; and Tom Stueve, VP and Treasurer.

I also want to take a moment to welcome two very talented additions to our team; Andy Cebulla, who is with us today on the call, joins us from MTS Systems as VP of Finance and Corporate Controller. We also want to welcome Jeff Cotter, who joins us from G&K Services as SVP, General Counsel and Corporate Secretary. We appreciate the breadth of experience and knowledge they bring to our team.

Today we will review progress on our core strategies, Tennant's performance during the 2017 third quarter and our outlook for the full year. First, Chris will brief you on our operations and then I'll cover the financials. After that, we'll open it up for questions. We are using slides to accompany this conference call. We hope this makes it easier for your review our results. A tape replay of this conference call along with these slides will be available on our IR website at investors.tennantco.com for approximately three months after this call.

(Forward-Looking Cautionary Statements)

Additionally on this conference call, we will discuss non-GAAP measures that include or exclude special or non-recurring items. For each non-GAAP measure, we also provide the most directly comparable GAAP measure. There were special non-GAAP items in the third quarter and first nine months of 2017. There were no special non-GAAP items in 2016. Our 2017 third quarter earnings release includes a reconciliation of these non-GAAP measures to our GAAP results. Our earnings release was issued this morning via Business Wire and is also posted on our IR website. At this point, I'll turn the call over to Chris.

Chris Killingstad

Thank you, Tom, and thanks to all of you for joining us this morning. Tennant Company is still in an important period of transition and I'd like to take the opportunity to expand on how we're continuing to strengthen Tennant as we move into the fourth quarter. Tennant Company has been pursuing a strategic framework for the last several quarters, intended to further strengthen our organization, so it can continually deliver value for our customers and shareholders, as well as remain stable amidst challenging end markets. This quarter is no different and I want to walk you through the goals we're pursuing and the progress