Teekay Tankers Third Quarter 2024 Earnings: Misses Expectations

Teekay Tankers (NYSE:TNK) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$243.3m (down 15% from 3Q 2023).
• Net income: US$58.8m (down 28% from 3Q 2023).
• Profit margin: 24% (down from 28% in 3Q 2023). The decrease in margin was driven by lower revenue.
• EPS: US$1.71 (down from US$2.38 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Teekay Tankers Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 29%.

Looking ahead, revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.8%.

Performance of the American Oil and Gas industry.

The company's shares are down 4.7% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 2 warning signs for Teekay Tankers (1 is a bit concerning!) that you should be aware of.

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