What happened

Shares of crude oil and gas tanker company Teekay Corporation (NYSE:TK) took off on a wild rump this morning, closing the day up 9.5% after reporting Q3 earnings (i.e., losses) that were less horrible than anticipated. Calculated according to GAAP accounting standards, TK lost $0.15 per share in its fiscal third quarter (as compared to last year's $0.07-per-share profit) and $0.41 per share pro forma.

So what

All of those numbers sound pretty bad, and yet, when you consider that Wall Street had expected Teekay to report a $0.44 per share loss, the company actually exceeded expectations. Additionally, TK reported revenue of $500.8 million for the quarter, significantly ahead of Wall Street's anticipated $458.3 million.

When compared to last year's Q3, Teekay's revenues slid 8.5% year over year.

Oil tanker near offshore drilling rig

Image source: Getty Images.

Now what

Teekay management declined to provide guidance for what it might earn this quarter. Analysts who follow the stock, though, predict the company will lose $0.05 per share (presumably pro forma), narrowing its year-ago loss of $0.22 per share (also pro forma). Revenues for the fiscal fourth quarter are expected to come in at $530.6 million, up 4% year over year.

When all's said and done, Wall Street anticipates that Teekay will end this year with a $1.28 per-share loss on revenues of $1.99 billion -- more than twice last year's loss on a 9% decline in revenues.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.