Tsakos Energy Navigation Ltd (NYSE:TEN) on Thursday reported earnings per share of 42 cents, beating the analyst consensus estimate of 37 cents. Quarterly sales of $188.26 million outpaced the street view of $166.22 million.
The company’s shares are trading higher, following the results.
As a result of the four vessels undergoing scheduled dry dockings during this 2024 fourth quarter, fleet utilization settled at 93.3%, which resulted in average TCE per ship per day of $30,107 and adjusted EBITDA of $85.6 million.
“This period has been a milestone year for TEN with the largest growth program in its history representing 21 vessels of 2.6 million dwt under construction resulting in a proforma fleet of 82 vessels with a minimum revenue backlog of $4.0 billion,” commented George Saroglou, President & COO of the company stated.
Also Read: April 2 Tariffs Could Trigger A US Dollar’ Rally To Sell,’ Bank Of America Economists Say
Fleet utilization for the twelve months of 2024, reflecting heightened dry-docking activity and repositioning voyages, was at 92.5% and average TCE per ship per day was $32,550.
The company authorized the payment of $0.60 common stock dividend to be made in July 2025, a level identical to the one paid in July 2024.
“These secured revenue contracts are expected to provide cash flow visibility to continue supporting the Company’s dividend distributions to our shareholders, a value which we hope will be reflected again in our stock,” the COO added.
Price Action: TEN shares are trading higher by 2.64% to $17.10 at last check Thursday.
Read Now:
Image via Shutterstock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.