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Stock impact report

Teekay Tankers Ltd. Reports Third Quarter 2019 Results

Teekay Tankers Ltd. (TNK) 
Last teekay tankers ltd. earnings: 2/27 02:00 am Check Earnings Report
US:NYSE Investor Relations: teekay.com/investors/teekay-tankers-ltd
Company Research Source: GlobeNewswire
Highlights Reported GAAP net loss of $19.9 million, or $0.07 per share, and adjusted net loss(1) of $21.2 million, or $0.08 per share, in the third quarter of 2019 (excluding items listed in Appendix A to this release).Total Adjusted EBITDA(1) of $27.8 million.Secured strong fourth quarter of 2019 to-date spot tanker rates of $38,000 and $30,500 on average per day for Teekay Tankers' Suezmax and Aframax fleet, an increase of 133 percent and 105 percent, respectively, compared to the third quarter of 2019.Approximately 90 percent of Teekay Tankers’ fleet is currently trading in the spot tanker market; every $5,000 per day increase in spot tanker rates results in approximately $95 million, or $0.35 per share, in additional annual net income.Transitioning away from the current formulaic dividend policy to focus on delevering balance sheet, building net asset value, and reducing cost of capital (refer to CEO Commentary and Summary of Recent Events sections below for more details).Signed Show less Read more
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