Teekay Corporation (NYSE:TK) reports 1Q18 Loss Confined ; Misses Street View

Teekay Corporation (NYSE:TK) headquartered in Hamilton, Bermuda, announced net loss for the first quarter of $ 20.56 million or $ 0.21 per share, compared to loss $ 45.26 million or $ 0.53 per share for the year-ago quarter.

The company recorded first quarter net loss of $ 18.32 million or $ 0.19 per share, while analysts from Thomson Reuters expected loss of $ 0.08 per share.

Top line figures for the first quarter decreased 28% to $ 394.02 million from $ 543.51 million in the same quarter last year, where as analysts anticipated $ 296.76 million.

On a consolidated basis, Teekay’s financial results improved in the first quarter of 2018, compared to the same period of the prior year, primarily driven by higher cash flows from Teekay Parent’s directly-owned FPSO units that have upside exposure to oil prices and production, and the delivery and contract start-up of several growth projects across the group, partially offset by weaker crude tanker rates, commented Kenneth Hvid, President and CEO.

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