(Dow Jones) Teekay Corp.’s (TK) second-quarter loss narrowed as the tanker-ship company posted a slimmer loss on derivative instruments than the year-earlier period.
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.
(Bloomberg) — Damage to an undersea cable off the African coast is exacerbating disruptions of internet services to the continent, impacting customers on the islands of Mauritius and La Reunion. Efforts to...
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
April 20, 2024
Total Views: 1022
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.