TEN Ltd. Reports Profits for Fourth Quarter and Year End 2019 and Declares Dividend of $0.05 per Common Share
Tsakos Energy Navigation Ltd Common Shares (TNP)
Last tsakos energy navigation ltd common shares earnings: 3/24 08:00 am
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tenn.gr
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Source: GlobeNewswire
200% Increase in Operating Income before impairments Y-o-Y $208 million Repayment of Debt and Preferred in 2019 Very Firm Current Rates - Market Long Fundamentals Favorable Initiating $50 million Stock Buyback Program ATHENS, Greece, March 24, 2020 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) reports results (unaudited) for the fourth quarter and the year ended December 31, 2019. 2019 YEAR RESULTSIn 2019, TEN produced profits of $42.7 million before non-cash impairment charges and positive net income of $15.1 million, a $76 million turnaround from 2018. Such improvement in profitability was primarily due to the very strong freight market that arose in the fourth quarter of the year, and still the case today, and resulted in voyage revenues reaching $597.5 million. Operating income reached $113.5 million compared to $37.8 million in 2018, both before non-cash impairment charges, a threefold increase. Adjusted EBITDA totaled $257 million in 201
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