Tsakos Energy Navigation (TNP) Misses Q4 EPS by 27c, Revenues Beat

Tsakos Energy Navigation (NYSE: TNP) reported Q4 EPS of $0.04, $0.27 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $171.39 million versus the consensus estimate of $151.5 million.

Corporate Strategy & Outlook

In hindsight, 2019 looks now a very normal year regardless of its rollercoaster market changes. In today’s turbulent environment, TEN maintains its steady course navigating unprecedented challenges with success. With oil prices collapsing the demand for inventory build-up and transportation services is booming. TEN with its flexible employment model is taking advantage of that to the full. The increasing floating storage of oil and the developing contango following the precipitous decline in the price of crude, has led to a reduction in fleet capacity which should assist in maintaining the strong rates currently in evidence.

“As the impact of the coronavirus is being felt around the globe, TEN’s business model is able not only to sustain such shocks, but also profit from them as well. Our long-established strategy of providing downside protection and upside potential is working well and we remain confident that we will continue taking advantage of the strong freight environment while offering investors healthy returns,” Mr. George Saroglou, COO of TEN commented. “With significant cash flow visibility, a healthy balance sheet and favorable industry fundamentals, like the continuously low orderbook, we remain confident that once the panic selling stops TEN will be ascribed a valuation that it merits and deserves. In the meantime, management top priority is to maintain the good health of its seafarers and onshore employees and wishes all good health in these challenging times,” Mr. Saroglou concluded.

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

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