Tsakos Energy Navigation Clocks 8% Top-Line Growth In Q1

• Tsakos Energy Navigation Ltd. (NYSE:TNP) reported a first-quarter FY22 Voyage revenue increase of 7.7% Y/Y to $149.7 million, below the consensus of $152.71 million.
• EPS loss narrowed to $(0.12) from $(0.80) in 1Q21, beating the consensus of $(0.21).
• The operating income increased to $9.57 million, from $2.22 million a year ago, and the margin expanded by 480 bps to 6.4%.
• Quarterly fleet utilization was 93.3%, and the daily average TCE per vessel stood at $19,730 (+8.9% Y/Y).
• Adjusted EBITDA was $42.17 million (+13.1% Y/Y), and the margin expanded by 135 bps to 28.2%.
• During the quarter, the company issued, through its ATM program, ~3.06 million common shares and 8,292 preferred shares, generating $28.8 million.
• The company's dividend of $0.10 per common share will be paid on July 20, 2022, to holders of record as of July 14, 2022.
• The company reported $1 billion in minimum contracted revenues.
• The company had a cash balance of $142.97 million at the end of the quarter.
• Price Action: TNP shares traded lower by 0.11% at $9.02 on the last check Thursday.