June 2, 2017 - 8:16 AM EDT
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Post Earnings Coverage as Tsakos Top-line Beat Market Estimates; Announced Dividend

Upcoming AWS Coverage on Ship Finance Post-Earnings Results

LONDON, UK / ACCESSWIRE / June 2, 2017 / Active Wall St. announces its post-earnings coverage on Tsakos Energy Navigation Ltd (NYSE: TNP) ("Tsakos Energy"). The Company posted its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 12, 2017. The Athens, Greece-based Company posted better-than-expected first quarter revenue numbers and declared dividend of $0.05 per common share. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Tsakos Energy Navigation's competitors within the Shipping space, Ship Finance International Limited (NYSE: SFL), announced on May 30, 2017, its preliminary financial results for Q1 2017 which ended on March 31, 2017. AWS will be initiating a research report on Ship Finance in the coming days.

Today, AWS is promoting its earnings coverage on TNP; touching on SFL. Get our free coverage by signing up to: http://www.activewallst.com/register/.

Earnings Reviewed

For the three months ended on March 31, 2017, Tsakos Energy's voyage revenues were $138.24 million, which came in above the $122.09 million reported in the prior year's corresponding quarter. Tsakos Energy's revenue topped analysts' forecasts of $113.5 million. The Company's revenues, net of voyage expenses totaled $108.2 million in Q1 FY17, rising approximately $8.5 million y-o-y, primarily due to the delivery of new vessels. Furthermore, daily time charter equivalent (TCE) revenues per ship stood at $20,917 in Q1 FY17 versus $23,378 in Q1 FY16.

The oil and gas shipping Company reported net income attributable to Tsakos of $17.48 million, or $0.16 per diluted share, compared to $25.43 million, or $0.25 per diluted share, in Q1 FY16. Moreover, Wall Street had expected the Company to report net income of $0.12 per diluted share.

Operational Metrics

In Q1 FY17, total expenses grew to $108.50 million from $88.95 million in Q1 FY16. However, the Company's average daily operating costs per vessel decreased by 4% to $7,584 from $7,890 in Q1 FY16, primarily attributable to cost effective operations by affiliated technical managers. The Company's operating income for the reported quarter stood at $29.75 million compared to $33.14 million in Q1 FY16. Furthermore, the Company reported EBITDA of $61.6 million in Q1 FY17 versus $59.54 million in Q1 FY16.

During the reported quarter, 77% of the Company's total fleet was on long-term charters with minimum revenues of $1.4 billion and average charter employment of 2.5 years. The fleet utilization during Q1 FY17 was 97.2% versus 95.3% in the prior year's comparable period. In Q1 FY17, the Company fleet consisted of 65 modern vessels, totaling 7.2 million DWT (Dead Weight Tonne) and consisting of 45 tankers engaged in the crude space, 3 shuttle tankers, 15 tankers carrying products, and 2 LNG vessels.

Financial Stability

Tsakos Energy's net cash from operating activities was $54.45 million in Q1 FY17, compared to $53.71 million in Q1 FY16. The Company incurred interest and finance costs of $11.86 million in Q1 FY17, which came in above the $7.95 million reported in Q1 FY16. Tsakos Energy reported a cash balance of $160.14 million as on March 31, 2017, compared to $275.60 million as on March 31, 2016. The Company had debt amounting to $1.81 billion in its books of accounts as on March 31, 2017, up from $1.42 billion as on March 31, 2016. Furthermore, net debt to capital ratio stood at 54% as on March 31, 2017.

Dividend

In its quarterly earnings release, the Company announced cash dividend payment of $0.05 per share, which will be paid on July 14, 2017, to shareholders of record at the close of business on July 11, 2017. The Company also informed Wall Street that it has distributed a total $10.51 per share as dividends in its uninterrupted dividend announcement since the Company's listing on NYSE in March 2002.

Stock Performance

At the close of trading session on Thursday, June 01, 2017, Tsakos Energy Navigation's stock price rose 3.51% to end the day at $4.42. A total volume of 282.36 thousand shares were exchanged during the session. In the last six months, shares of the Company have advanced 1.14%. The stock is trading at a PE ratio of 9.51 and has a dividend yield of 4.52%. The stock currently has a market cap of $365.84 million.

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Source: ACCESSWIRE (June 2, 2017 - 8:16 AM EDT)

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