Tsakos Energy Navigation Ltd. (NYSE:TNP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Tsakos Energy Navigation Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.02 in the quarter versus EPS of $-0.19 in the year-earlier quarter.
Revenue: Decreased 4.44% to $97.69 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tsakos Energy Navigation Ltd. reported adjusted EPS income of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.08. It beat the average revenue estimate of $67.73 million.
Quoting Management: “TEN’s return to profitability, is a result of our modern fleet composition, our flexible long-term employment strategy, our cost containment policy and our ability to maintain and build relationships with high quality charterers around the world,” stated Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN. “We do believe that both product and crude markets have turned the corner and our fleet, in both of these sectors is well positioned to take advantage of current and expected market improvements. Also, our exposure in the high-end LNG and shuttle tanker markets provides further growth to our bottom line,” Mr. Tsakos concluded.
Key Stats (on next page)…