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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 introduced innovative hybrid friction material composites designed for both internal combustion engine (ICE) and electric vehicles (EVs). This advanced material combines low steel (LS) and non-asbestos-organic (NAO) composites, providing superior braking performance and comfort. The new product aims to address the demands of a shifting automotive market, particularly in the growing e-mobility sector. Tenneco's facility in Chongqing, China, is currently in series production, with additional projects underway in Europe.
Rancho, a brand under Tenneco (NYSE: TEN), will participate in the 56th Easter Jeep Safari in Moab, Utah, from April 9 to April 17, 2022. The brand will sponsor trail runs and showcase its latest suspension products, including the RS7MT shock absorber and steering stabilizer, at the Vendor Show on April 14-15. These products are designed for enhanced vehicle control and durability, supporting off-road driving and towing applications. Tenneco reported $18 billion in revenue for 2021, indicating significant market presence.
Tenneco (NYSE: TEN) has announced that the fourth generation Mercedes-Benz C-Class will feature its new Monroe OE Solutions MCx valving system, enhancing vehicle comfort and control. The MCx valve allows independent tuning in rebound and compression, improving ride quality by addressing low-velocity vibrations. Produced in Poland and China, this technology aims to set new standards in passive damper performance. Tenneco reported full-year 2021 revenues of $18 billion, underscoring its strong market position in automotive solutions.
MOOG, a leading steering and suspension brand from Tenneco's DRiV group, announced enhancements to its Premium control arms (RK part number prefix). Key innovations include induction-hardened studs and carbon fiber-reinforced bearings, which improve strength and reduce friction. These enhancements boost structural strength and increase contaminant resistance. Additionally, many control arms come with all necessary installation hardware and a laser-etched product ID. Tenneco reported $18 billion in revenues for 2021, underscoring its strong market position.
Tenneco (NYSE: TEN) highlights the increasing demand for advanced suspension systems in light trucks and SUVs, addressing both internal combustion and electric vehicles. Their Advanced Suspension Technologies (AST) business offers semi-active suspension solutions, such as the CVSA2/Kinetic technology, designed for enhanced on- and off-road performance. The technology reduces vehicle weight and power requirements, catering to the rising market for off-road-ready vehicles. With 2021 revenues of $18 billion, Tenneco remains a key player in automotive innovation.
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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