Teekay Shipping Beats Big on the Bottom Line

Marine midstream operator Teekay Shipping (NYSE: TK  ) reported third-quarter results today before the markets opened, showing that it posted net revenues of $454.8 million, a 3% decline from the same period in the previous year, but well ahead of the $407.5 million Capital IQ consensus estimate.

While attributable adjusted net losses came in at $36 million, or $0.51 per share, worse than the $20 million, or $0.29 per share, in the same period in 2012, it was $0.15-per-share better than the CapIQ estimates of $0.66 per share.

Teekay said that two ships that had been out of commission are back on track. The Voyageur Spirit is awaiting formal certification of final acceptance by the charterer after having achieved full production capacity and going on full rate Aug. 27. The Foinaven is expected to reach full production capacity during the end of the fourth quarter. It was shut down in the third quarter for compressor repairs and is now currently producing approximately 35,000 barrels of oil per day.

The shipper didn't provide guidance for the coming quarter, but analysts anticipate Teekay Shipping will post earnings of $0.08 per share in the fourth quarter on revenues of $466.7 million.

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