Teekay Clocks 82% Revenue Growth In Q2
Teekay Corp (NYSE: TK) reported second-quarter revenue growth of 82.3% year-over-year to $280.79 million. Adjusted EPS was $0.05 for the quarter.
Adjusted EBITDA was $50.57 million (-70.6% Y/Y), and the margin was 18%.
Teekay Parent's cash position, net of outstanding convertible debt, was ~$295 million as of August 1, 2022.
Teekay Tankers secured strong third quarter-to-date spot tanker rates of $29,600 per day for its Suezmax fleet, $35,600 per day for its Aframax fleet, and $35,400 per day for its LR2 fleet.
Teekay had consolidated total liquidity of ~$525.8 million, consisting of $363.6 million of cash and equivalents and $162.2 million of undrawn capacity from its credit facilities.
Teekay's net operating cash outflow year-to-date was $(13.09) million, compared to a cash flow of $18.86 million a year ago.
"Our consolidated financial results for the second quarter of 2022 were higher than the previous quarter, primarily due to higher spot tanker rates and lower general and administrative expenses, partially offset by the sale of all of our interests in Seapeak LLC in mid-January 2022," commented Kenneth Hvid, Teekay's President and CEO.
Price action: TK shares are trading higher by 2.18% at $3.28 on the last check Thursday.
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