Oil transportation service provider Teekay Corp. (TK), Thursday reported a swing to profit in the third quarter on higher revenues, supported by stronger results from all its business segments, predominantly from liquefied gas and spot tanker divisions.
Third quarter net income of Teekay was $103.13 million or $1.41 per share, compared to a net loss of $74.23 million or $0.99 per share in the same quarter a year ago. Quarterly results included certain items that increased net income by $8.9 million or $0.12 per share.
On average, 11 analysts polled by Thomson Reuters expected earnings of $1.12 per share. Analysts' estimates typically exclude one-time special items.
Teekay subsidiaries, Teekay Offshore Partners L.P and Teekay LNG Partners LP., also reported a swing to profit in the third quarter. Teekay Offshore partners L.P (TOO) reported a profit of $20.6 million for the third quarter, compared to a loss of $9.0 million in the same quarter a year ago. Meanwhile, Teekay LNG Partners LP. (TGP) reported a third quarter profit of $45.9 million, compared to a loss of $21.6 million in the year-earlier quarter.
Quarterly net revenues of Teekay Corp. surged to $672.54 million from $462.71 million in the prior year. The Street expected revenues of $643.71 million for the quarter.
Net voyage revenues for Teekay Offshore Partners increased to $164.4 million from $159.3 million in the prior-year quarter, above Street estimates of $192.93 million.
Net voyage revenues for Teekay LNG Partners increased to $78.2 million from $62.32 million. The Street estimated revenues of $83 million for the quarter.
Revenues from offshore segment of Teekay Corp. increased 7.4%, fixed rate tanker segment rose 25%, liquefied gas was up 34% and spot tanker segment increased more than 110% from the prior year quarter.
Income from vessel operations increased to $217.5 million from $98.2 million.
For the nine-month period, net income of Teekay increased to $181.42 million or $2.48 per share, from $178.37 million or $2.38 per share a year ago.
Net revenues for period were $1.83 billion, up from $1.37 billion last year. Income from vessel operations increased to $439.0 million from $352.8 million.
TK is currently trading at $18.27, down $0.42 or 2.25%, on a volume of $0.89 million shares.
TOO is currently trading at $13.31, down $0.15 or 1.11%, on the NYSE.
TGP is currently trading at $18.32, down $0.25 or 1.35%, on the NYSE.
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