Tsakos Energy Navigation Second Quarter 2024 Earnings: Beats Expectations

Tsakos Energy Navigation (NYSE:TEN) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$214.1m (down 3.3% from 2Q 2023).
• Net income: US$69.6m (up 43% from 2Q 2023).
• Profit margin: 33% (up from 22% in 2Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$2.36 (up from US$1.65 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Tsakos Energy Navigation Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 82%.

Looking ahead, revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.2%.

Performance of the American Oil and Gas industry.

The company's shares are down 3.2% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 3 warning signs for Tsakos Energy Navigation you should be aware of, and 1 of them is potentially serious.

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