Tsakos Energy Navigation Earnings: Here’s Why Shares are Up Now
Tsakos Energy Navigation Ltd. (NYSE:TNP) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.46%.
Tsakos Energy Navigation Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.43 in the quarter versus EPS of $-1.23 in the year-earlier quarter.
Revenue: Decreased 1.89% to $100.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tsakos Energy Navigation Ltd. reported adjusted EPS loss of $0.43 per share. By that measure, the company missed the mean analyst estimate of $-0.18. It beat the average revenue estimate of $67 million.
Quoting Management: “With a fleet of 28 product tankers in the water, making us one of the largest product tanker owners in the world, our presence in LNG and shuttle tankers and contracted minimum charter revenue backlog of over $1.0 billion, we feel that TEN is well positioned to take advantage of the eventual tanker recovery swiftly and return to profitability. The operating profit we recorded for 2012 is a testament to this approach and hopefully a sign of things to come,” Mr. Nikolas P. Tsakos, President & CEO of TEN stated. “Our aim is to expand our Company’s industrial relationships with major end users in order to further solidify our future growth,” Mr. Tsakos concluded.
Key Stats (on next page)…