US Bans Imports From Chinese Fishing Company Citing Seafarer Welfare
By David Lawder (Reuters) – U.S. Customs and Border Protection on Friday imposed a new import ban on seafood from a Chinese fishing fleet that the agency says is using...
Teekay Corp.’s (TK) second-quarter loss narrowed as the tanker-ship company saw revenue rise and voyage expenses decline, as it also recorded a foreign exchange gain.
Teekay, which provides marine services to the petroleum industry, has posted mixed results in recent quarters as derivatives affect its bottom line and a glut of tanker space pressures spot market rates.
Last month, Moody’s Investors Service lowered its outlook on Teekay to negative from stable, citing concerns about management’s plan to use more equity capital when funding investments or possible asset sales to one of several publicly listed subsidiaries.
Teekay reported a loss of $47.3 million, or 68 cents a share, compared with a year-ago loss of $96.5 million, or $1.36 a share. Excluding items such as derivative and restructuring impacts, the loss narrowed to 25 cents from 51 cents. Net revenue, which excludes voyage expenses, rose 2.2% to $442.7 million.
Analysts polled by Thomson Reuters expected a per-share loss of 44 cents on $444 million in revenue.
The company saw a foreign exchange gain of $17.8 million versus a loss of $7.2 million a year ago. Voyage expenses fell 25% to $39.2 million.
Meanwhile, double-hull tankers operator Teekay Tankers reported that its profit fell to $1.1 million, or one cent a share, versus $1.4 million, or two cents a share, a year ago.
Revenue dropped 11% to $51 million. Revenue after adjusting for $107 million in voyage expenses also fell 11% to $50.9 million.
Excluding unrealized losses on interest rate swaps, Teekay Tankers recorded a per-share profit of seven cents last year. Wall Street anticipated break-even per-share earnings on $32 million in revenue.
Teekay Offshore–whose fleet of shuttle tankers transport oil from offshore fields to onshore processing facilities– saw its loss widen to $12.1 million from a year-ago loss of $11.4 million.
Teekay LNG swung to a profit of $37.7 million from a year ago loss of $3.1 million as revenue rose 4.5%
Teekay’s shares closed Wednesday at $32.38 and were inactive premarket. The stock is up 43% in the past 12 months.
– Saabira Chaudhuri, (c) 2012 Dow Jones & Company
Join the 69,450 members that receive our newsletter.
Have a news tip? Let us know.