Teekay Tankers Ltd. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 22, 2024 at 04:45 pm
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Teekay Tankers Ltd. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 313.29 million compared to USD 367.32 million a year ago. Net income was USD 111.69 million compared to USD 146.43 million a year ago. Basic earnings per share from continuing operations was USD 3.27 compared to USD 4.3 a year ago. Diluted earnings per share from continuing operations was USD 3.23 compared to USD 4.25 a year ago.
For the full year, revenue was USD 1,364.45 million compared to USD 1,063.11 million a year ago. Net income was USD 513.67 million compared to USD 229.09 million a year ago. Basic earnings per share from continuing operations was USD 15.04 compared to USD 6.74 a year ago. Diluted earnings per share from continuing operations was USD 14.86 compared to USD 6.68 a year ago.
Teekay Tankers Ltd. is a provider of marine transportation to global oil industries. The Company is engaged in the business of owning and operating crude oil and product tankers. It provides vessel operation services for various vessels under the contracts with the Australian Government. Under these contracts the Company delivers all constituent support capabilities: vessel operations, engineering support, maintenance support, supply support, crewing and training and provide support services. The Company owns a fleet of approximately 45 double-hull tankers, including 25 Suezmax tankers, 10 Aframax tankers and nine LR2 product tankers. The Company also owns a very large crude carrier (VLCC) through a 50% owned joint venture. Its tanker segment consists of the operation of its tankers, including the operations from those tankers employed on full-service lightering contracts and the United State based ship-to-ship support service operations, including its lightering support services.