#stayhome Maintain the distance, wash your hands, and follow instructions from the health authorities.
RSS   Newsletter   Contact   Advertise with us

Teekay Tankers Q2 net income $41.3 million

Share on Twitter Share on LinkedIn
Staff 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
Teekay Tankers   $0.35 per share
The increase is primarily due to stronger spot tanker rates in the second quarter of 2015 compared to the same period in the prior year, an increase in fleet size due to the acquisition of the four Long Range 2 (LR2) product tankers and one Aframax tanker in the first quarter of 2015 and the addition of the nine in-chartered vessels that delivered to the company during 2014 and the first half of 2015.

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.


 

MORE INSIDE POST