The 10-second takeaway
For the quarter ended March 31 (Q1), Teekay met expectations on revenues and exceeded expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped. Non-GAAP loss per share contracted. GAAP earnings per share shrank to a loss.
Margins contracted across the board.
Teekay notched revenue of $424.7 million. The four analysts polled by S&P Capital IQ foresaw a top line of $421.8 million on the same basis. GAAP reported sales were 9.0% lower than the prior-year quarter's $495.6 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at -$0.17. The eight earnings estimates compiled by S&P Capital IQ anticipated -$0.19 per share. Non-GAAP EPS were -$0.17 for Q1 compared to -$0.30 per share for the prior-year quarter. GAAP EPS were -$0.09 for Q1 compared to $0.02 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 46.5%, 310 basis points worse than the prior-year quarter. Operating margin was 15.1%, 60 basis points worse than the prior-year quarter. Net margin was -1.4%, 160 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $441.5 million. On the bottom line, the average EPS estimate is -$0.19.
Next year's average estimate for revenue is $1.82 billion. The average EPS estimate is -$0.41.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 195 members out of 214 rating the stock outperform, and 19 members rating it underperform. Among 53 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 49 give Teekay a green thumbs-up, and four give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Teekay is outperform, with an average price target of $36.56.
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