Tsakos Energy Navigation (TNP) Misses Q2 EPS by 7c, Beats on Revenues

Tsakos Energy Navigation (NYSE: TNP) reported Q2 EPS of ($0.03), $0.07 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $132.18 million versus the consensus estimate of $108.87 million.

• EBITDA of $115.4 million for the first six months of 2017 and $53.7 million for the second quarter of 2017
• Net income of $21.1 million for the first six months of 2017 and $3.6 million for the second quarter of 2017
• Average time charter rate per vessel per day at $20,038 for first six months 2017
• A further 3% reduction in daily vessel operating expenses to $7,729 for first six months of 2017
• Continuous high fleet utilization at 96.8% for first six months of 2017
• 22 new charters since January 2017 - Results in more than 75% long term coverage
• Total fleet contracted revenues at minimum $1.4 billion excluding profit sharing
• Strong balance sheet and cash liquidity at $258.2 million as of June 30, 2017
• Pro-forma fleet of 65 vessels, totaling 7.2 million dwt, consisting of 47 tankers for trade in the crude space, three shuttle tankers, 13 tankers carrying products and two LNG vessels. Final new building delivery of the 15 vessel program in Q4 2017
• Dividend of $0.05 per common share to be paid on November 15, 2017 bringing TEN's total distributions per share, since NYSE listing in 2002, to $10.56

For earnings history and earnings-related data on Tsakos Energy Navigation (TNP) click here.

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