Tsakos Releases 3Q Results

Tsakos Energy Navigation, the Greek oil tanker owner, recently reported better-than-expected third quarter earnings on an expanded fleet and a large capital gain. Net income for the third quarter ending Sept. 30 soared to $50m, or $2.61 per share, up from $44.5m, or $2.33 per share, in the previous year. The third quarter included capital gains of $31.8m compared to capital gains of $13.3m in the previous year. Sales rose to $122.5m up from $115.2m a year ago. Analysts polled by Thomson Financial forecast earnings excluding items of $1.12 per share on sales of $106m. Although it was a seasonably weak third quarter due to refiners scaling back crude oil demand ahead of the switch to heating oil, Tsakos was able to realize $96m in capital gains because of the sale of three tankers. But the company sees a challenging environment ahead since spot tanker rates for the fourth quarter for both crude and product tankers have not yet reached the expected levels for the fourth quarter, which is typically strong. The company announced a 2-for-1 stock split of its outstanding shares. Shareholders of record as of Nov. 9 will receive an additional share for each owned at the close of trading Nov. 14. The split will double the number of outstanding shares to 38.06 million. [Source: http://www.forbes.com]