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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.
Tenneco (NYSE: TEN) has been honored as a Supplier of the Year by General Motors for the fifth consecutive year. This accolade was awarded during GM's 30th annual Supplier of the Year ceremony held in Phoenix, Arizona. Tenneco's Powertrain Business Group received the recognition in the Connecting Rods & Pistons category for the third successive year. GM acknowledged 134 suppliers for their exceptional performance, highlighting Tenneco's commitment to innovation and quality in an industry facing numerous challenges.
Tenneco reported a 17% increase in total revenue for 2021, reaching $18.0 billion. Adjusted net income improved to $164 million, or $1.97 per diluted share, compared to a loss in 2020. However, Q4 revenue fell 6% year-over-year, totaling $4.4 billion, with a net loss of $35 million. The company achieved significant liquidity of $2.3 billion and improved its net leverage ratio to 1.0x. Tenneco has canceled its earnings call following a definitive acquisition agreement with Apollo and will not provide financial guidance for 2022 due to the pending transaction.
Tenneco (NYSE: TEN) has agreed to be acquired by Apollo (NYSE: APO) in an all-cash deal valued at approximately $7.1 billion, including debt. The acquisition offers Tenneco shareholders a purchase price of $20.00 per share, marking a notable 100.4% premium over the closing price on February 22, 2022. The transaction has been approved by Tenneco's Board and is expected to close in the second half of 2022, pending shareholder and regulatory approvals. Tenneco will continue to operate under its brand as a private company post-acquisition.
Tenneco will report its fourth quarter and full year 2021 financial results on February 24, 2022, prior to market opening. A conference call is scheduled for 8:30 a.m. ET on the same day to discuss the results and company outlook. The earnings report will provide insights into Tenneco's financial performance, including revenues, EPS, and future guidance. Investors can access the call via webcast on the company’s investor website.
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Tenneco's CVSAe electronically controlled damping system will be featured in the Lynk & Co 09 flagship SUV, marking its debut in the Chinese market. The SUV will offer both mild hybrid and plug-in hybrid versions with all-wheel drive capabilities. Tenneco’s technology promises superior ride quality and handling by adapting to road conditions using onboard sensors. The manufacturing of this system will take place at Tenneco's Changzhou plant. Tenneco is a leading automotive products manufacturer with 2020 revenues of $15.4 billion.
Monroe recently expanded its parts coverage, now offering new part numbers for over 8 million vehicles globally, including light commercial fleet vehicles and SUVs. Notably, four new part numbers for the Monroe Magnum Strut Assembly target more than 850,000 Ford Transit LCVs. Additionally, seven new OESpectrum shocks and struts are available for over 1.4 million vehicles, enhancing ride quality and performance. Monroe aims to provide exclusive options for technicians, particularly in the LCV and CV markets.
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Tenneco will participate in the Barclays Global Automotive and Mobility Tech Conference on November 17, 2021, with a virtual fireside chat starting at 9:20 a.m. Eastern. Executives Brian Kesseler and Matti Masanovich will discuss the company's outlook and strategy. The live webcast can be accessed via the Investors section of Tenneco's website, with a replay available until December 17, 2021. Tenneco reported revenues of $15.4 billion in 2020 and employs approximately 73,000 team members.
Tenneco reported a third-quarter revenue of $4.3 billion, a 2% increase year-over-year, despite a 20% decline in industry light vehicle production. Net earnings stood at $15 million or $0.17 per diluted share, improving from a net loss of $499 million in the prior year. However, third-quarter EBIT fell to $125 million, and adjusted EBITDA decreased to $279 million. The company updated its FY2021 revenue guidance to $17.75 – 17.85 billion and adjusted EBITDA to $1.25 – 1.28 billion and emphasized ongoing cost reduction efforts.