FX.co ★ Teekay Q1 Profit Rises - Quick Facts

In the first quarter, Teekay Corp. (TK) announced a net income attributed to shareholders amounting to $54.64 million, or $0.57 per share, a rise from the previous year's $48.76 million, or $0.48 per share. This increase is predominantly due to profits from the sale of a vessel by Teekay Tankers, the company's subsidiary. However, these gains were somewhat offset by a decrease in Teekay Tankers' earnings owing to a decrease in spot tanker rates.

Although the overall net income increased, the adjusted net income for shareholders decreased in the first quarter to $41.01 million or $0.44 per share, down from the previous year's $51.02 million or $0.52 per share.

In terms of revenue, the first quarter saw a decrease, dropping to $365.05 million from the previous year's revenue of $418.70 million.

For the quarter ending March 31, 2024, Teekay Tankers announced a quarterly cash dividend of $0.25 per common share. In addition, it declared a special dividend of $2.00 per common share, bringing the total combined dividend to $2.25 per common share. This will be payable in May 2024.