Thursday, Teekay Corp. (TK), crude oil and petroleum product transportation services provider, reported wider loss for the fourth quarter, hurt primarily by loss from derivative instruments and goodwill impairment charges. However, adjusted earnings increased from last year and matched Wall Street view, helped by improved revenues.
The Hamilton, Bermuda-based Teekay posted a wider net loss of $660.8 million or $9.12 per share for the fourth quarter, compared to $114.8 million or $1.55 per share for the same period of the prior year.
Excluding items, adjusted net income for the quarter rose to $53.2 million or $0.73 per share from $23 million or $0.31 per share a year ago. Eleven analysts polled by Thomson Reuters expected the company to earn $0.73 per share. Analysts' estimates typically exclude special items.
Specific items reduced net income by $714.1 million or $9.85 per share for the quarter and by $137.8 million or $1.86 per share in the year ago quarter. For the quarter, the company recorded unrealized loss from derivative instruments of $479.48 million and goodwill impairment charges of $330.52 million. Quarterly revenues increased to $801.64 million from $661.36 million in the year-ago quarter. Net revenue, which represents revenues less voyage expenses, was $615.9 million, up from $501.5 million for the same period last year. Street analysts were looking for revenues of $605.40 million. Commenting on the results, Bjorn Moller, president and chief executive officer, said, "Teekay achieved good operating results in the fourth quarter. Despite the rapid slowdown in the global economy during the quarter, our adjusted net income more than doubled to $0.73 per share compared to $0.31 per share in the same quarter last year."
For fiscal 2008, the company posted a net loss of $479.4 million or $6.61 per share, compared to net profit of $63.5 million or $0.85 per share a year ago. Adjusted net income rose to $285.3 million or $3.94 per share from $197.5 million or $2.64 per share in the previous year. Analysts were looking for earnings of $3.78 per share.
Total revenues for the year 2008 increased to $3.194 billion from $2.396 billion in the prior year. Analysts predicted revenues of $2.47 billion.
Additionally, Teekay announced a cash dividend of $0.31625 per share for the quarter ended June 30, 2009. The cash dividend is payable on July 24, 2009 to all shareholders of record as of July 10, 2009.
TK is trading at $16.77, up $1.22 or 7.85%, on a volume of about 545 thousand shares.
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