Teekay Corporation (TK) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $6.07 million, or $ 0.07 a share in the quarter, against a net loss of $12.24 million, or $0.17 a share in the last year period. On adjusted basis, net loss for the quarter stood at $19.54 million, or $0.23 a share compared with a net profit of $2.83 million, or $0.04 a share in the last year period.
Revenue during the quarter dropped 10.46 percent to $547.64 million from $611.62 million in the previous year period. Gross margin for the quarter contracted 190 basis points over the previous year period to 93.20 percent. Total expenses were 83.61 percent of quarterly revenues, up from 73.65 percent for the same period last year. That has resulted in a contraction of 996 basis points in operating margin to 16.39 percent.
Operating income for the quarter was $89.76 million, compared with $161.18 million in the previous year period.
"On a consolidated basis, Teekay's results for the third quarter of 2016 were partially affected by seasonal factors in our conventional tanker and shuttle tanker segments, as well as the scheduled redelivery of the Varg FPSO at the end of July 2016," commented Peter Evensen, Teekay's president and chief executive officer. "Looking ahead, we expect a stronger fourth quarter primarily as a result of the reversal of some of the previous quarter's seasonal factors, lower operating costs, and higher revenues from our FPSO business."
Operating cash flow declines
Teekay Corporation has generated cash of $499.87 million from operating activities during the nine month period, down 21.10 percent or $133.69 million, when compared with the last year period.
The company has spent $83.43 million cash to meet investing activities during the nine month period as against cash outgo of $1,581.94 million in the last year period. It has incurred net capital expenditure of $392.78 million on net basis during the nine month period, down 73.96 percent or $1,115.49 million from year ago period.
The company has spent $389.54 million cash to carry out financing activities during the nine month period as against cash inflow of $931.18 million in the last year period.
Cash and cash equivalents stood at $705.30 million as on Sep. 30, 2016, down 10.69 percent or $84.40 million from $789.70 million on Sep. 30, 2015.
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