TSAKOS ENERGY NAVIGATION Reports First Quarter 2023 Earnings Results on March 31, 2023
August 14, 2023
☀️Earnings Overview
On March 31, 2023, TSAKOS ENERGY NAVIGATION ($NYSE:TNP) released its earnings results for the first quarter of the 2023 fiscal year. Revenue totaled USD 261.2 million, which was an impressive 74.5% increase from the same period in the prior year. Net income skyrocketed to USD 176.6 million, compared to the mere 5.5 million reported for the same quarter of the previous year.
Market Price
The stock opened that day at $21.4 a share and closed at $20.9, a decrease of 1.6% from the prior closing price of $21.2. This is due to their continued focus on the transportation of petroleum products and other commodities by sea. Overall, TEN’s financial performance has remained strong throughout this quarter despite some headwinds from both the market and operational factors. The company is committed to expanding its fleet and operations in order to further enhance shareholder value and maximize its global presence in the transportation sector. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for TNP. More…
| Total Revenues | Net Income | Net Margin |
| 971.91 | 339.29 | 33.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for TNP. More…
| Operations | Investing | Financing |
| 379.25 | -57.29 | 10.76 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for TNP. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.42k | 1.75k | 49.89 |
Key Ratios Snapshot
Some of the financial key ratios for TNP are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 15.6% | 38.0% | 46.9% |
| FCF Margin | ROE | ROA |
| 4.7% | 19.4% | 8.3% |
Analysis
At GoodWhale, we recently conducted a comprehensive analysis of TSAKOS ENERGY NAVIGATION’s fundamentals. Our Risk Rating gave the company a medium risk rating, indicating that there are some financial and business risk factors associated with this investment. We identified 1 risk warnings in TSAKOS ENERGY NAVIGATION’s income sheet. As a registered user of GoodWhale, you can access this information and use it to make more informed investment decisions. Sign up today to learn more. More…
Peers
The company’s vessels are among the most modern and efficient in the industry, and its operations are supported by a strong management team with extensive experience in the shipping industry. Tsakos’ fleet consists of crude tankers, product tankers and LNG carriers, which are employed on long-term, stable charters with major oil companies, trading houses and utilities. The company has a strong track record of dividend growth and shareholder value creation. Tsakos’ main competitors are Overseas Shipholding Group Inc (NYSE: OSG), International Seaways Inc (NYSE: INSW) and TORM PLC (NASDAQ: TRMD). These companies are all engaged in the business of international maritime transportation of crude oil and petroleum products.
– Overseas Shipholding Group Inc ($NYSE:OSG)
Overseas Shipholding Group Inc is a shipping company that owns and operates a fleet of tankers that transport crude oil and petroleum products. The company has a market cap of 234.12M as of 2022 and a Return on Equity of 7.85%. The company’s fleet consists of crude oil tankers, product tankers, and LNG carriers.
– International Seaways Inc ($NYSE:INSW)
International Seaways Inc. is a New York-based tanker company that owns and operates a global fleet of oceangoing crude oil, refined petroleum product, and chemical carriers. The company’s market cap is $2.23 billion and its ROE is 0.16%. International Seaways is one of the world’s leading maritime transportation companies, providing safe, reliable, and environmentally responsible shipping services to customers around the globe. The company’s mission is to be the first choice for maritime transportation solutions, delivering value to customers, shareholders, and employees.
– TORM PLC ($NASDAQ:TRMD)
ARM Holdings PLC, together with its subsidiaries, engages in the design of microprocessors, physical libraries, and software development tools. It offers products, technology, and services for embedded systems to original equipment manufacturers, integrated device manufacturers, and intellectual property licensees worldwide. The company was founded in 1990 and is headquartered in Cambridge, the United Kingdom.
Summary
TSAKOS ENERGY NAVIGATION’s first quarter of 2023 financial results are impressive, with total revenue increasing 74.5% year-over-year to USD 261.2 million and reported net income surging to USD 176.6 million, a substantial increase from the 5.5 million reported in the same period of the previous year. This strong performance indicates potential for investors, as the company is demonstrating strong growth potential and is likely to continue to perform well going forward. Investors should consider investing in this company as it appears to be a lucrative opportunity.
Related Posts
Recent Posts
