Teekay Corp Files Q1 2024 Update

TL;DR

Teekay Corp dropped its Q1 2024 results on 5/9. Check the 6-K for freight transport performance.

AI Summary

Teekay Corporation filed a Form 6-K on May 9, 2024, reporting its first quarter results for the period ending March 31, 2024. The filing provides an update on the company's financial performance and operations as a foreign private issuer. Teekay Corporation is involved in the deep sea foreign transportation of freight.

Why It Matters

This filing provides investors with the latest financial and operational data for Teekay Corporation, crucial for understanding the company's performance in the global freight transportation sector.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) providing an update on quarterly results, not indicating new significant risks.

Key Players & Entities

• TEEKAY CORP (company) — Registrant
• May 9, 2024 (date) — Filing Date
• March 31, 2024 (date) — Reporting Period End Date
• 4th Floor, Belvedere Building 69 Pitts Bay Road Hamilton, HM 08 Bermuda (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $54.6 m — tributable to shareholders of Teekay of $54.6 million, or $0.59 per share, and adjusted
• $0.59 — eholders of Teekay of $54.6 million, or $0.59 per share, and adjusted net income attr
• $41.0 m — utable to shareholders of Teekay (1) of $41.0 million, or $0.44 per share, in the first
• $0.44 — ders of Teekay (1) of $41.0 million, or $0.44 per share, in the first quarter of 2024
• $45,100 — rter 2024 to-date average spot rates of $45,100 per day for its Suezmax fleet and $43,9
• $43,900 — 5,100 per day for its Suezmax fleet and $43,900 per day for its Aframax fleet, respecti
• $0.25 — s declared a quarterly cash dividend of $0.25 per common share for the quarter ended
• $2.00 — Tankers declared a special dividend of $2.00 per common share, for a combined divide
• $2.25 — ommon share, for a combined dividend of $2.25 per common share, payable in May 2024.
• $2.4 million — 023, primarily due to cash dividends of $2.4 million received from Teekay Tankers, changes i
• $3.1 million — costs are estimated to be approximately $3.1 million , which are expected to be paid through
• $58.41 — ekay Tankers Class A common shares were $58.41 per share, $49.97 per share, and $42.93
• $49.97 — A common shares were $58.41 per share, $49.97 per share, and $42.93 per share, respec
• $42.93 — $58.41 per share, $49.97 per share, and $42.93 per share, respectively. CEO Commenta
• $23.5 m — lt Aframax tanker for gross proceeds of $23.5 million, realizing a gain on the sale of

Filing Documents

• tkq1-24erdocument.htm (6-K) — 285KB
• image2a.jpg (GRAPHIC) — 9KB
• newsreleasea11.jpg (GRAPHIC) — 11KB
• 0001628280-24-022071.txt ( ) — 308KB

— Information Contained in this Form 6-K Report

Item 1 — Information Contained in this Form 6-K Report Attached as Exhibit 1 is a copy of an announcement of Teekay Corporation dated May 9, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TEEKAY CORPORATION Date May 9, 2024 By s Brody Speers Brody Speers Vice President, Finance Treasurer (Principal Financial and Accounting Officer) Teekay Corporation Investor Relations Tel +1 604 609 2963 www.teekay.com 4 th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda TEEKAY CORPORATION REPORTS FIRST QUARTER 2024 RESULTS Highlights GAAP net income attributable to shareholders of Teekay of $54.6 million, or $0.59 per share, and adjusted net income attributable to shareholders of Teekay (1) of $41.0 million, or $0.44 per share, in the first quarter of 2024 (excluding items listed in Appendix A to this release). Tanker market remains firm with Teekay Tankers securing second quarter 2024 to-date average spot rates of $45,100 per day for its Suezmax fleet and $43,900 per day for its Aframax fleet, respectively. In line with Teekay Tankers' fixed dividend policy, Teekay Tankers declared a quarterly cash dividend of $0.25 per common share for the quarter ended March 31, 2024. In addition, Teekay Tankers declared a special dividend of $2.00 per common share, for a combined dividend of $2.25 per common share, payable in May 2024. Hamilton, Bermuda, May 9, 2024 - Teekay Corporation ( Teekay or the Company ) (NYSETK) today reported results for the three months ended March 31, 2024. These results include the Company's publicly-listed consolidated subsidiary, Teekay Tankers Ltd. ( Teekay Tankers ) (NYSETNK), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than Teekay Tankers, is referred to in this release as Teekay Parent . Please re

Forward-Looking Statements

Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical fact, are forward-looking statements. When used in this release, the words "expect," "believe," "anticipate," "plan," "intend," "estimate," "may," "will" or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Forward-looking statements contained in this release include, among others, statements regarding the timing of payments of cash dividends by Teekay Tankers management's expectations regarding the spot tanker market and rates and the Teekay Group's ability to benefit from strong tanker market fundamentals and the estimates and anticipated payment schedule of Teekay Parent's remaining FPSO decommissioning and recycling costs. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement payment by Teekay Tankers of its declared cash dividends changes in tanker market fundamentals or spot rates and any unexpected complications or delays in fulfilling Teekay Parent's remaining FPSO decommissioning and recycling obligations and other factors discussed in Teekay's filings from time to time with the SEC, including its Annual R

View Full Filing

View this 6-K filing on SEC EDGAR