Teekay Tankers reports Q3 EPS $2.24, consensus $2.10

Reports Q3 revenue $285.86M, consensus $183.57M. “The combination of typical third quarter seasonality and OPEC+ actions resulted in pronounced volatility in the spot tanker market. However, the strength of underlying tanker market fundamentals enabled Teekay Tankers to achieve our highest third quarter rates since 2008 and our highest ever third quarter adjusted net income,” commented Kevin Mackay, Teekay Tankers’ president and CEO. “By maintaining our spot market exposure, and exercising options to extend some chartered-in tankers at very attractive rate levels, Teekay Tankers has continued to create significant shareholder value and increase our strategic optionality. Additionally, we have continued to refine our capital structure by repurchasing four tankers previously under sale-leaseback arrangements, as well as cancelling our $80 million working capital loan facility, which is further evidence of our financial strength and prudent capital management.”