Tsakos Energy Navigation (TNP) Misses Q3 EPS by 10c, Revenues Beat

Tsakos Energy Navigation (NYSE: TNP) reported Q3 EPS of ($0.22), $0.10 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $131 million versus the consensus estimate of $106.83 million.

• Profitable 9-Month Net Income – Strong Year End Expectations
• Fivefold Increase in Operating Income Y-o-Y – TEN Outperforms Spot Market by 20%
• $144 Million Year-on-Year Debt and Preferred Shares Reduction
• $0.05 Common Stock Dividend Payable in December 2019
• Fleet Fully Prepared for IMO 2020 Deadline

“TEN has used the slow period of the third quarter to prepare the fleet for the IMO 2020 regulations and avoid downtime in the firm rate environment that we are currently experiencing. Due to favorable fundamentals, we expect the strong market to continue in 2020 and beyond,” Mr. George Saroglou, COO of TEN commented. “With a modern fleet, steady income streams, strong cash balances and appetite for responsible growth coupled with 23 vessels that open up for charter renewals in what should be a strong 2020, we expect TEN to be a major beneficiary in the strong freight market we are witnessing,” Mr. Saroglou concluded.

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

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