-=Teekay Tankers (TNK) reported earnings on Wed 13 Nov 19 (a/h)
Teekay Tankers beats by $0.03, beats on revs
Reports Q3 (Sep) loss of $0.08 per share, $0.03 better than the S&P Capital IQ Consensus of ($0.11); revenues rose 3.6% year/year to $182.3 mln vs the $95.1 mln single analyst estimate.
Reports Adjusted EBITDA of $27.8 mln, essentially flat yr/yr.
Commentary: "As expected, crude spot tanker rates declined from the second to the third quarter of 2019, mainly due to normal seasonality. Crude spot tanker rates subsequently began to firm in September 2019 on the back of stronger market fundamentals. Against that supportive fundamental backdrop, a series of market events in late-September and into October 2019 drove rates to the highest levels since the peak of the super cycle in 2008. Teekay Tankers has been able to benefit from this strengthening tanker market as evidenced by the strong Suezmax and Aframax tanker rates we have secured in the fourth quarter of 2019 to-date, which have so far averaged approximately 133 percent and 105 percent higher than rates we earned in the third quarter of 2019, respectively. Looking ahead, as the strong underlying supply and demand fundamentals persist, we continue to have a positive view of the tanker market into the winter months and 2020."