(Dow Jones) Teekay Corp.’s (TK) fourth-quarter earnings fell 44% on the impact of derivatives and other items, though the company reported revenue growth.
Teekay, which provides marine services to the petroleum industry, has posted mixed results in recent quarters.
The company has been striving to reduce its exposure to a stubbornly sluggish spot market, which has been hurt by a glut of new tankers ordered in an earlier commodities boom continuing to enter the market.
Teekay has spun off several operations in past years and holds stakes in Teekay LNG Partners LP (TGP), Teekay Tankers Ltd. (TNK) and Teekay Offshore Partners LP (TOO).
Teekay reported a profit of $48.4 million, or 69 cents a share, down from $85.9 million, or $1.16 a share, a year earlier. Excluding the impact of derivatives and other items, earnings fell to 2 cents from 51 cents.
Revenue increased 2% to $512.7 million. Net revenue, which represents revenue less voyage expenses, was up 5.1% at $472.7 million.
Analysts polled by Thomson Reuters most recently projected a loss of 25 cents on net revenue of $462 million.
In the latest period, Teekay Tankers swung to a loss of $465,000 from year earlier earnings of $7.8 million as revenue fell 6.7% and expenses rose.
Teekay Offshore, which includes shuttle tankers that transport oil from offshore fields to onshore processing facilities, swung to a loss of $37.1 million from a year-earlier profit of $89.3 million on vessel write-downs. Revenue grew 3.8%.
Teekay LNG reported profit fell 48% to $43.1 million from $83.7 million amid derivative costs and higher expenses.
Teekay shares closed Wednesday at $27.53 and were inactive premarket.
-By Tess Stynes, Dow Jones Newswires