The 10-second takeaway
For the quarter ended March 31 (Q1), Teekay Tankers beat expectations on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue increased significantly. Non-GAAP earnings per share shrank to a loss. GAAP earnings per share shrank to a loss.
Margins contracted across the board.
Teekay Tankers notched revenue of $45.0 million. The four analysts polled by S&P Capital IQ looked for a top line of $44.0 million on the same basis. GAAP reported sales were 19% lower than the prior-year quarter's $52.0 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 -$0.04. The four earnings estimates compiled by S&P Capital IQ forecast -$0.02 per share. Non-GAAP EPS were -$0.04 for Q1 versus $0.04 per share for the prior-year quarter. GAAP EPS were -$0.02 for Q1 compared to $0.06 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 33.6%, much worse than the prior-year quarter. Operating margin was -3.0%, much worse than the prior-year quarter. Net margin was -4.6%, 530 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $44.9 million. On the bottom line, the average EPS estimate is $0.01.
Next year's average estimate for revenue is $176.8 million. The average EPS estimate is -$0.02.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 261 members out of 277 rating the stock outperform, and 16 members rating it underperform. Among 50 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 45 give Teekay Tankers a green thumbs-up, and five give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Teekay Tankers is hold, with an average price target of $3.06.
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