Welcome to our dedicated page for Tsakos Energy news (Ticker: TEN), a resource for investors and traders seeking the latest updates and insights on Tsakos Energy stock.
News about Tsakos Energy Navigation Ltd. (TEN) focuses on its activities as a diversified crude, product and LNG tanker operator listed on the New York Stock Exchange. Company press releases and related coverage highlight developments in its energy transportation business, including fleet expansion, chartering activity and financial performance.
Readers of the TEN (TEN) news page can review announcements on quarterly and nine-month results, where the company reports voyage revenues, operating income, net income, fleet utilization and contracted revenue. These releases often include commentary from management on tanker market conditions and the composition of TEN’s charter portfolio across time charters, profit-sharing arrangements, spot voyages, pool participation and other contracts.
News items also cover TEN’s fleet development, such as deliveries of new DP2 shuttle tankers, scrubber-fitted suezmax tankers, MR product tankers, LR1 tankers and VLCCs, as well as orders placed with shipyards in South Korea. The company reports long-term employment for many of these vessels with oil majors and other large counterparties, and highlights its expansion in the shuttle tanker segment, including recognition at the Lloyd’s List Greek Shipping Awards.
Investors following TEN’s news will also find updates on common and preferred share dividends, including regular quarterly dividends on Series E and Series F preferred shares and semi-annual dividends on common stock. Additional news includes features on TEN in external publications, references to its focus on operational discipline and modernization, and information on corporate governance developments such as board appointments. This page brings together these company communications so that readers can monitor TEN’s disclosures on its operations, fleet and capital structure.
Tenneco will participate in the Morgan Stanley Virtual 8th Annual Laguna Conference on September 17, 2020, starting at 9:00 a.m. Eastern. CEO Brian Kesseler and CFO Matti Masanovich will discuss Tenneco's strategic overview and outlook. The live webcast can be accessed via the investors section of Tenneco's website, with a replay available until October 17, 2020. Tenneco had $17.45 billion in 2019 revenues and employs approximately 78,000 team members globally.
Tenneco reported a significant decline in second quarter 2020 revenue of $2.6 billion, down 39% year-over-year due to the impact of COVID-19 and a 45% decrease in light vehicle production. The company experienced a net loss of $350 million, equating to $(4.30) per diluted share, primarily influenced by a $113 million non-cash charge. Despite the challenges, Tenneco maintains solid liquidity with cash balances of $1.37 billion. Looking ahead, while Q3 2020 revenue is expected to improve significantly from Q2 2020, it will remain lower than Q3 2019 results.
Tenneco Inc. (NYSE: TEN) will participate in the J.P. Morgan Auto Conference 2020 on August 11, 2020. The event will take place virtually, with a webcast starting at 9:20 a.m. Eastern. CEO Brian Kesseler will provide a strategic overview and address factors influencing Tenneco's outlook. The presentation will be accessible via the company's website, where a replay will be available until September 11, 2020. For more details, visit www.investors.tenneco.com.
Tenneco Inc. (NYSE: TEN) appointed Kevin Baird as Chief Operating Officer, effective August 3, 2020. Baird brings extensive experience from Guardian Industries, enhancing Tenneco's leadership team with his automotive and operational expertise. CEO Brian Kesseler highlighted Baird's track record in driving profitability and cash flow. The reinstatement of the COO role aims to boost margin expansion and cash generation capabilities. Baird received restricted stock units as part of his compensation, ensuring alignment with shareholder interests.
Tenneco Inc. has appointed Matti Masanovich as its new Chief Financial Officer, effective August 10, 2020. Masanovich, who has over 25 years of experience in the automotive sector, will succeed interim CFO Ken Trammell. CEO Brian Kesseler highlighted Masanovich's expertise in financial strategy and capital allocation, which is expected to enhance Tenneco's focus on margin expansion and cash generation. Masanovich will receive 146,472 restricted stock units as part of his compensation, vesting over three years.
Tenneco Inc. (NYSE: TEN) will announce its second quarter 2020 financial results on August 6, 2020.
The results will be disclosed before the market opens, followed by a conference call at 9:30 a.m. ET to discuss the financial performance and outlook of the company.
Investors can participate via telephone or listen to the webcast on the company’s investor website.
A playback option will be available for one week after the call.