Teekay Corporation Reports Third Quarter 2020 Results
Highlights
- GAAP net loss attributable to shareholders of Teekay of
$35.4 million , or$0.35 per share (inclusive of$66.3 million of impairment charges), and adjusted net income attributable to shareholders of Teekay(1) of$15.2 million , or$0.15 per share, in the third quarter of 2020 (excluding items listed in Appendix A to this release). - Total adjusted EBITDA(1) of
$227.0 million in the third quarter of 2020, an 18 percent increase over the same period of the prior year. - Reduced consolidated net debt by
$88 million in the third quarter of 2020; and total pro forma consolidated liquidity increased to$1.1 billion (2) as of September 30, 2020. - Teekay Parent is nearing completion of Phase I of the Banff FPSO decommissioning project according to plan; repurchased
$14.4 million in principal amount of its existing convertible bond and secured bond at average prices of 81.55 and 92.23, respectively; and completed$150 million refinancing of equity margin revolver. - Teekay LNG extended a charter contract to early-2022 for a 52 percent-owned LNG carrier; LNG fleet is now 100 percent fixed for the remainder of 2020 and 96 percent fixed for 2021.
- Teekay Tankers secured a new time charter-out contract for an Aframax tanker and currently has 20 percent of its existing fleet on fixed-rate charters at levels well above current market rates.
HAMILTON, Bermuda, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Teekay Corporation (Teekay or the Company) (NYSE:TK) today reported results for the third quarter ended September 30, 2020. These results include the Company’s two publicly-listed consolidated subsidiaries, Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Daughter Entities), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the third quarter 2020 earnings releases of Teekay LNG and Teekay Tankers, which are available on Teekay's website at www.teekay.com, for additional information on their respective results.
Financial Summary
| Three Months Ended | ||||||
| September 30, | June 30, | September 30, | ||||
| 2020 | 2020 | 2019(3) | ||||
| (in thousands of U.S. dollars, except per share amounts) | (unaudited) | (unaudited) | (unaudited) | |||
| TEEKAY CORPORATION CONSOLIDATED | ||||||
| GAAP FINANCIAL COMPARISON | ||||||
| Revenues | 396,517 | 482,805 | 425,836 | |||
| Income (loss) from vessel operations | 11,384 | 148,504 | (130,389 | ) | ||
| Equity income | 24,392 | 35,343 | 21,514 | |||
| Net (loss) income attributable to | ||||||
Teekay Corporation
NYSE:TKTK RankingsTK Latest NewsTK Stock Data
784.06M
58.62M
35.09%
53.59%
0.47%
Deep Sea Freight Transportation
Transportation and Warehousing
United States of America
Vancouver
About TKteekay is an operational leader and project developer in the marine energy space. established in 1973, teekay has developed from a regional shipping company into one of the world’s largest marine energy transportation, storage and production companies. we bring energy where it is needed — anywhere in the world — to power the global economy and to improve people’s lives. teekay corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in teekay lng partners l.p. (nyse:tgp) and teekay offshore partners l.p. (nyse:too). the general partners own all of the outstanding incentive distribution rights. in addition, teekay has a controlling ownership interest in teekay tankers ltd. (nyse:tnk) and directly owns a fleet of vessels. the combined teekay entities manage and operate consolidated assets of over $13 billion, comprised of over 215 liquefied gas, offshore, and conventional tanker assets. wit
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