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Tsakos Energy Navigation Ltd. reports developments tied to its international seaborne transportation of crude oil, petroleum products and LNG. The company operates as a diversified tanker owner and operator, with news commonly addressing fleet employment, charter extensions, vessel deliveries, tanker-rate conditions, contracted revenue and operating results.
Company updates also include quarterly and annual earnings releases, Form 20-F filing announcements, and cash dividends on its Series E and Series F preferred shares. Recurring coverage reflects TEN's role in liquid energy shipping, including crude tankers, product tankers, LNG carriers and DP2 shuttle tankers serving oil companies, refiners and energy customers.
Garage Gurus, part of Tenneco's DRiV group, is sponsoring the inaugural U.S. Auto Tech National Championship, aimed at identifying top automotive technicians. The event will feature in-person qualifying competitions in six U.S. cities, culminating in a final championship in Nashville on December 13-14, 2021. Participants can earn over $200,000 in cash and prizes, with $40,000 awarded to first-place winners in both professional and student categories. This initiative supports skills development for current and future technicians in the automotive aftermarket industry.
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Garage Gurus®, part of Tenneco's DRiV group, has announced the winners of its 2021-2022 Automotive Technical Scholarship Program. Twelve students, all pursuing automotive education at accredited institutions, are awarded $2,500 each. This initiative contributes to addressing the shortage of automotive technicians and has committed over $200,000 since its inception in 2015. The program is designed to support the next generation of skilled service professionals, with scholarships awarded based on application reviews by ASE Master-certified technicians.
Tenneco Inc. (NYSE: TEN) has appointed Michelle A. Kumbier, former COO of Harley-Davidson, to its board of directors effective August 10, 2021. Kumbier brings valuable experience in manufacturing, product development, and strategic planning, having spent 23 years at Harley-Davidson. Her leadership and governance skills are expected to enhance Tenneco's strategic direction. Chairman Dennis J. Letham expressed confidence in her ability to contribute positively to shareholder value. Tenneco reported $15.4 billion in revenue for 2020 and operates across various automotive sectors.
Tenneco will participate in the 2021 J.P. Morgan Auto Conference virtually on August 12, 2021, beginning at 9:20 a.m. Eastern. Key executives, including CEO Brian Kesseler, CFO Matti Masanovich, and COO Kevin Baird, will provide a strategic overview and discuss Tenneco's outlook. The live webcast can be accessed via the company's website, with slides available under the Events & Presentations tab. A replay will be accessible until September 12, 2021.
Tenneco (NYSE: TEN) reported a significant revenue increase of 74% year-over-year for Q2 2021, reaching $4.6 billion, with value-add revenue climbing 68% to $3.5 billion. Although the company experienced a net loss of $10 million or $(0.12) per diluted share due to one-time charges from its Accelerate+ program, adjusted net income rose to $69 million or $0.84 per share. Adjusted EBITDA skyrocketed to $356 million, and net debt is projected to fall below $4.2 billion by year-end.
Tenneco is leveraging over a century of powertrain expertise to investigate synthetic fuels (e-fuels) as a solution for reducing emissions from internal combustion engines (ICE). Their Powertrain business group is collaborating on the NAMOSYN project with various academic and industry partners to assess the technical and commercial viability of e-fuels. This initiative aims to enable climate-neutral transportation while using existing fuel infrastructure. Initial tests indicate a potential reduction of over 50% in harmful emissions, making e-fuels a promising near-term technology for sustainable mobility.
Tenneco (NYSE: TEN) is set to release its second quarter 2021 financial results on August 5, 2021, before market opening. A conference call will follow at 9:30 a.m. ET to discuss the results and future outlook. The company, which achieved $15.4 billion in revenues for full year 2020 and employs approximately 73,000 people across over 270 sites globally, aims to highlight advancements in automotive technology during the call. Live access to the call will be available through Tenneco's investor website.
Tenneco's Powertrain business group has been recognized as a GM Supplier of the Year for the second consecutive year during General Motors' 29th annual awards. Out of 122 suppliers from 16 countries, Tenneco distinguished itself by meeting GM's rigorous performance criteria, thereby contributing to their advanced automotive technologies. CEO Brian Kesseler emphasized the award's importance amid challenges faced during the past year, reflecting Tenneco's ongoing commitment to quality and innovation in fuel economy and emission reduction.
Rancho®, a brand under Tenneco's DRiV group, has launched the RS7MT™, a new monotube shock designed for select Jeep applications, enhancing on- and off-road handling. Key features include an integrated dirt wiper sealing system, a hardened piston rod, and a two-inch monotube body that effectively manages temperature ranges between -40 to 248° Fahrenheit. The RS7MT also includes application-specific mounting and is covered by a Limited Lifetime Warranty and 90-day Performance Guarantee. Tenneco's overall revenues for 2020 were $15.4 billion, supporting a workforce of approximately 73,000 globally.