Teekay Tankers Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 11:56 am EDT
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Teekay Tankers Ltd. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 370.65 million compared to USD 242.39 million a year ago. Net income was USD 151.24 million compared to USD 28.55 million a year ago. Basic earnings per share from continuing operations was USD 4.43 compared to USD 0.84 a year ago. Diluted earnings per share from continuing operations was USD 4.38 compared to USD 0.83 a year ago.
For the six months, revenue was USD 765.3 million compared to USD 416.41 million a year ago. Net income was USD 320.61 million compared to USD 14.61 million a year ago. Basic earnings per share from continuing operations was USD 9.4 compared to USD 0.43 a year ago. Diluted earnings per share from continuing operations was USD 9.28 compared to USD 0.43 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.