Teekay Corp. Posts Q1 Adj. Loss/shr Of $0.19 - Quick Facts

(RTTNews) - Teekay Corp. (TK) reported a first-quarter adjusted loss per share attributable to shareholders of $0.19 compared to a loss of $0.41, prior year. Reported consolidated GAAP net loss attributable to shareholders of Teekay of $20.6 million, or $0.21 per share, compared to a loss of $45.3 million or $0.53 per share, prior year. The company generated GAAP consolidated income from vessel operations of $18.5 million and consolidated total cash flow from vessel operations of $168.4 million in the first quarter of 2018.

First-quarter revenues declined year-over-year to $394.02 million from $543.50 million, prior year.

"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," said Kenneth Hvid, CEO.