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TK NYSE· Teekay Corp
Earnings report Q4 2023

Teekay Corporation Reports Decreased Revenue in Q4 2023

Segments of revenue

Teekay Corporation reported total revenues of $339.2 million for the fourth quarter of 2023. This represents a decrease compared to the same quarter of the prior year, where revenues were $393.5 million. The decrease in revenue can be attributed to reduced earnings from Teekay Tankers due to lower spot tanker rates.

Strengths

Despite the decrease in revenue, Teekay Corporation's income from vessel operations increased to $112.9 million in Q4 2023, compared to $81.3 million in the same quarter of the previous year. This improvement can be attributed to the positive impact of a $10.4 million gain on the sale of a Teekay Tankers vessel during the quarter. Additionally, Teekay Tankers reported its highest annual adjusted net income in company history, contributing to the overall strength of the company.

Challenges

The main challenge faced by Teekay Corporation in Q4 2023 was the reduced earnings from Teekay Tankers due to lower spot tanker rates. This impacted the company's overall revenue and resulted in a decrease compared to the same quarter of the prior year.

Noteworthy

Teekay Corporation highlighted several noteworthy achievements in 2023, including celebrating its 50-year anniversary as a company and experiencing one of the strongest years for crude tanker spot rates. Additionally, Teekay Tankers successfully transformed its balance sheet and became net debt-free during the year. These milestones position the company well to benefit from strong tanker market fundamentals.

Summary

Teekay Corporation reported a decrease in revenue for the fourth quarter of 2023, primarily due to reduced earnings from Teekay Tankers. However, the company's income from vessel operations increased, supported by a gain on the sale of a Teekay Tankers vessel. Despite the challenges faced, Teekay Corporation achieved significant milestones in 2023 and remains well positioned to benefit from strong tanker market fundamentals.

Source documents

Form 6-K  filed on Feb 22, 2024
342 pages scanned

Reference data

Company financials Q4 revenue 339M
Analyst estimates Q4 EPS missed by NaN%
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