Teekay Tankers Climbs 11% As Quarterly Results Trounce Estimates

(RTTNews) - Shares of Teekay Tankers Ltd. (TNK) are rising more than 11% Thursday morning after reporting better-than-expected fourth-quarter results.

The company reported a profit of $146.43 million or $4.30 per share compared with loss of $39.81 million or $1.17 per share in the same quarter a year ago.

Excluding one-time items, earnings were $147.51 million or $4.33 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $3.33 per share.

Quarterly revenues more than doubled to $367.32 million from $160.31 million. The consensus estimate was for $198.85 million.

"Strong mid-sized tanker spot rates coupled with the company's high operating leverage resulted in Teekay Tankers reporting the highest quarterly adjusted net income in the company's history," the company said.

Looking forward, the company expects the tanker market to remain firm during 2023.

TNK, currently at $41.81 has traded in the range of $11.81- $42.45 in the last 1 year.