Teekay Tankers Q2 net income $41.3 millionStaff writer ▼ | August 8, 2015
Teekay Tankers reported adjusted net income attributable to its shareholders of $41.3 million, or $0.35 per share, for the second quarter ended June 30, 2015, compared to an adjusted net loss of $4.1 million, or $0.05 per share, for the same period in the prior year.
Teekay Tankers $0.35 per share
Adjusted net income attributable to shareholders excludes a number of specific items that had the net effect of increasing net income attributable to shareholders by $3.0 million, or $0.03 per share, and by $8.7 million, or $0.10 per share, for the three months ended June 30, 2015 and 2014, respectively.
Including these items, the company reported, on a GAAP basis, net income attributable to its shareholders of $44.2 million, or $0.38 per share, and $4.6 million, or $0.05 per share, for the three months ended June 30, 2015 and 2014, respectively. Net revenues were $104.0 million and $40.8 million for the three months ended June 30, 2015 and 2014, respectively.
During the second quarter of 2015, the company generated $57.9 million, or $0.50 per share, of free cash flow , compared to $9.2 million, or $0.11 per share, in the second quarter of 2014, due to higher average spot rates earned and an increase in the size of the company’s fleet.
On July 2, 2015, Teekay Tankers declared a dividend of $0.03 per share for the second quarter of 2015, which was paid on July 31, 2015 to all shareholders of record on July 17, 2015. Since the company’s inception, it has declared dividends in 31 consecutive quarters. ■