U.S. Markets open in 4 hrs 37 mins

Tsakos beats 4Q profit forecasts

ATHENS, Greece (AP) _ Tsakos Energy Navigation Ltd. (TNP) on Friday reported fourth-quarter profit of $11.9 million.

The Athens, Greece-based company said it had profit of 10 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.

The oil and gas shipping company posted revenue of $130.7 million in the period. Its adjusted revenue was $99.1 million, which missed Street forecasts. Five analysts surveyed by Zacks expected $101.2 million.

For the year, the company reported profit of $55.8 million, or 47 cents per share. Revenue was reported as $375.4 million.

The company's shares closed at $4.68. A year ago, they were trading at $6.62.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TNP at https://www.zacks.com/ap/TNP


Keywords: Tsakos Energy, Earnings Report