Friday, Teekay Offshore Partners LP (TOO), reported a slip to third quarter loss on lower revenues, offset partially by a decline in expenses.
Third quarter net loss attributable to the Hamilton,Bermuda based company's units were $11.02 million, compared to a net income of $20.63 million in the year ago period.
Excluding the impact of one-time items, which totaled $18.9 million for the recently ended quarter, Teekay Offshore reported adjusted net income of $7.96 million. The prior year quarter comparable details were not provided.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude one-time items.
Income from vessels operations decreased to $38.87 million for the recently ended quarter, compared with $46.64 million in the same quarter last year.
Quarterly voyage revenues dropped to $206.93 million from $252.23 million in the comparable quarter last year. Analysts estimated revenue of $172.18 million for the quarter.
The company's Shuttle Tanker segment contributed the bulk of third quarter revenues at $109.41 million, followed by FPSO segment which yielded $27.95 million. Topline contribution from Conventional Tanker and FSO segments were $24.79 million and $14.51 million, respectively, for the third quarter of 2009.
Third quarter operating expenses declined to $168.06 million from $205.59 million in the prior year quarter. Voyage expenses decreased to $30.26 million from $62.55 million last year, indicating lower voyages carried out by the company.
The company reported total realized and unrealized losses on non-designated derivative instruments of $37.30 million, compared to $26.12 million last year.
Loss from interest expense for the quarter narrowed to $9.17 million from $19.35 million in the same quarter last year.
Income tax expenses were higher at $13.8 million, compared to a benefit of $33.32 million a year-ago.
For the nine-month period, net income surged to $92.52 million from $77.43 million in the prior year. Year-to-date revenue was $608.46 million, compared to $728.41 million last year.
TOO is currently trading at $17.30, up $0.27 or 1.59% on the NYSE.
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