Earnings Review and Free Research Report: Tsakos Energy’s Revenue Grew 10.3%
LONDON, UK / ACCESSWIRE / October 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tsakos Energy Navigation Ltd (NYSE: TNP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TNP, following the Company's posting of its second quarter fiscal 2017 financial results on September 15, 2017. The oil and gas shipping Company beat revenue expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For the three months ended June 30, 2017, Tsakos Energy reported voyage revenues of $132.18 million compared to $119.85 million for Q2 2016. The Company's revenues, net of voyage expenses (bunker, port expenses, and commissions), amounted to $104.1 million, up 9.7% on a y-o-y basis, primarily due to the eleven newbuilding vessels delivered to the Company and now operating in the fleet. Tsakos Energy's revenue beat analyst' estimates of $108.87 million.
Tsakos Energy stated that despite difficult market conditions, the Company's fleet operated at 96.4% utilization in Q2 2017, during which Tsakos Energy operated, on average, a fleet of 62.3 vessels compared to 50.5 vessels in Q2 2016. The Company's average time charter rate per vessel per day totaled $20,038 for H1 2017.
Tsakos Energy's depreciation and dry-docking amortization costs were approximately $34.3 million in Q2 2017 compared to $26.88 million in Q2 2016, increasing mainly because of the extra tonnage joining the fleet over the twelve months to June 30, 2017. The Company noted that global increases in interest rates and fresh financing relating to the new vessels that joined the fleet, caused interest and finance costs to rise to $15.9 million in the reported quarter compared to $8.01 million in the year-ago same period.
Tsakos Energy generated positive net income of $3.58 million in Q2 2017, or negative $0.03 per basic and diluted share, after considering $6.5 million in preferred stock dividends compared to net income of $16.41 million or $0.15 per diluted share in Q2 2016. The Company's earnings fell short of Wall Street's estimates of $0.04 per share.
Operational Highlights
During Q2 2017, two additional newbuilding Aframaxes, Oslo TS and Sola TS, were delivered to Tsakos Energy. The newbuilding Aframax Stavanger TS was delivered to the Company in Q3 2017 and the newbuilding Aframax Bergen TS, will be delivered in Q4 2017. The Company noted that these vessels, with their long-term employment to a major European oil concern, will have a positive impact on results in H2 2017.
In H1 2017, Tsakos Energy commenced 22 new time charter contracts to international oil concerns, including new strategic relationships with major end users. This brings the time charter coverage of the fleet to more than 75%.
Tsakos Energy had pro-forma fleet of 65 vessels, totaling 7.2 million dwt, consisting of 47 tankers for trade in the crude space, 3 shuttle tankers, 13 tankers carrying products, and 2 LNG vessels.
Balance Sheet
Tsakos Energy had cash balances of $258.16 million as on June 30, 2017, compared to cash balances of $197.77 million as on December 31, 2016. With the capital expenditure program completed bar two vessels, as of June 30, 2017, the Company had undrawn bank facilities totaling $46.7 million, relating to the vessels at the time, still to be delivered. Tsakos Energy's net debt to capital at the end of the reported quarter was at a comfortable 50.8%, despite the debt necessary for the new vessels.
Since the beginning of 2017, Tsakos Energy has sold 1,165,717 common shares from Treasury Stock and 24,803 Series D preferred shares, in addition to its underwritten sale of 4,600,000 Series E preferred shares in April 2017.
Tsakos Energy will pay a dividend of $0.05 per common share on November 15, 2017, to shareholders of record as of November 09, 2017. Inclusive of this distribution, the Company will have distributed $10.56 per share in uninterrupted dividends to its common shareholders since its listing on the NYSE in March 2002.
Stock Performance
Tsakos Energy Navigation's share price finished last Friday's trading session at $4.49, sliding 1.54%. A total volume of 256.56 thousand shares have exchanged hands. The Company's stock price advanced 0.45% in the last one month. Shares of the Company have a PE ratio of 11.88 and have a dividend yield of 4.45%. The stock currently has a market cap of $384.30 million.
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