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 has posted mixed results in recent quarters, with derivatives impacts playing a significant role in bottom line performance. 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 Corp. reported a loss of $96.5 million, or $1.36 a share, compared with a year-earlier loss of $153.1 million, or $2.10 a share. Excluding items such as derivative and restructuring impacts, the loss widened to 51 cents from 36 cents. Revenue fell 12% to $484.9 million.
Analysts polled by Thomson Reuters expected a per-share loss of 48 cents on $440 million in revenue.
The Tankers spinoff’s profit slid 44% to around $1.4 million, or 2 cents a share, compared with around $2.6 million, or 5 cents a share, a year earlier. Revenue dropped 14% to $31.4 million. Excluding unrealized losses on interest rate swaps, per-share earnings were 7 cents. Wall Street anticipated a per-share profit of 6 cents on $29 million in revenue.
Teekay Offshore’s loss attributable to partners widened to $11.4 million from a year-earlier loss of $2.8 million as operating expenses rose. The company owns shuttle tankers that allow it to transport oil from offshore fields to onshore processing facilities.
Teekay LNG swung to a loss as operating expenses increased and it posted a foreign exchange loss.
Teekay Corp.’s shares closed Wednesday at $21.82 and were inactive in recent premarket trading. Through the latest close, the stock is down 34% since the start of the year.
-By Mia Lamar, Dow Jones Newswires
Join the 69,454 members that receive our newsletter.
Have a news tip? Let us know.