Tsakos Energy Navigation (TNP) Misses Q1 EPS by 28c, Revenues Beat

Tsakos Energy Navigation (NYSE: TNP) reported Q1 EPS of $0.12, $0.28 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $178.9 million versus the consensus estimate of $154.71 million.

• 250% increase of Net Income before non-cash items
• 50% special dividend increase to 7.5 cents total
• Efficient anti-Covid safety measures for onshore and at-sea personnel
• Healthy fundamentals indicate to a strong market for remainder of 2020

“In the first quarter of 2020, the pandemic was accompanied by a strong tanker market that continued well into the second quarter. During that period, TEN fixed long-term charters for its vessels that will secure positive returns for the remainder of the year and beyond,” Mr. George Saroglou, COO of TEN commented. “Management continues to be in discussions with first-class charterers for similar accretive employments to safeguard cash flow visibility, a core element in TEN’s strategy. The safety of our seafarers was, is and remains our top priority as TEN continues its long established and market tested operating model to achieve the highest utilization levels and long-term profitability. This is the fourth and most challenging crisis we have successfully navigated in 28 years of operations. We would like to thank all our colleagues for their efforts during these extraordinary times and wish them to remain safe and healthy,” Mr. Saroglou concluded.

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

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