Teekay Corporation (TK) saw its loss narrow to $45.26 million, or $0.53 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $48.78 million, or $0.67 a share. On the other hand, adjusted net loss for the quarter widened to $35.67 million, or $0.41 a share from a loss of $6.17 million or $0.08 a share, a year ago. Revenue during the quarter dropped 15.22 percent to $543.50 million from $641.11 million in the previous year period. Gross margin for the quarter contracted 442 basis points over the previous year period to 90.65 percent. Total expenses were 84.99 percent of quarterly revenues, up from 78.89 percent for the same period last year. That has resulted in a contraction of 609 basis points in operating margin to 15.01 percent.
Operating income for the quarter was $81.60 million, compared with $135.32 million in the previous year period.
"While our consolidated results declined from the fourth quarter of 2016, Teekay's offshore and tanker business performed slightly better than our expectations in the first quarter of 2017, driven by higher cash flow generated by our shuttle tanker, FPSO and conventional tanker fleets, while our gas business performed as expected," commented Kenneth Hvid, president and chief executive officer of Teekay Corporation.
Operating cash flow drops significantly
Teekay Corporation has generated cash of $107.35 million from operating activities during the quarter, down 27.40 percent or $ 40.51 million, when compared with the last year period. The company has spent $23.34 million cash to meet investing activities during the quarter as against cash inflow of $63.26 million in the last year period. It has incurred capital expenditure of $211.36 million on net basis during the quarter, up 71.55 percent or $88.15 million from year ago period.
The company has spent $110.58 million cash to carry out financing activities during the quarter as against cash outgo of $231.35 million in the last year period.
Cash and cash equivalents stood at $541.43 million as on Mar. 31, 2017, down 17.74 percent or $116.73 million from $658.16 million on Mar. 31, 2016.
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