Tsakos Energy Navigation (TNP) Tops Q4 EPS by 8c, Beats on Revenues

Note: EPS may not be comparable

Tsakos Energy Navigation (NYSE: TNP) reported Q4 EPS of $0.03, $0.08 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $134.52 million versus the consensus estimate of $107.95 million.

RECENT HIGHLIGHTS

• Net income for the year 2017 of $20.4 million before non-cash items (impairment charges and loss on sale of vessels).
• Net income in the fourth quarter 2017 of $2.7 million before non-cash items (impairment charges and loss on sale of vessels).
• Strong balance sheet and cash liquidity at $202.7 million as of December 31, 2017.
• 77% of fleet under secured contracts with $1.3 billion in minimum revenues and average charter life of 2.6 years.
• Average TCE per vessel at approx. $19,000 per day outperforms market. Further reductions in vessel daily operating expenses at $7,688 despite a weak dollar.
• Maintained outstanding fleet utilization at 98% in the fourth quarter 2017.
• 15-vessel newbuilding program successfully completed in Q4 2017.
• Sale of two 2005-built suezmax tankers through a sale and leaseback transaction generating $15.6 million of free cash.
• Fleet of 65 vessels, totaling 7.2 million dwt, consisting of 47 tankers that trade in the crude space, three shuttle tankers, 13 tankers carrying products and two LNG vessels.
• Dividend of $0.05 per common share paid in December 2017 and new dividend of $0.05 per common share declared for payment on May 10, 2018.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c
• Outlook Therapeutics (OTLK) Misses Q3 EPS by 9c