Teekay Tankers Files 6-K for Q4/Full-Year 2023 Earnings

TL;DR

**Teekay Tankers just dropped its Q4 and full-year 2023 earnings in a 6-K, so expect market reaction.**

AI Summary

TEEKAY TANKERS LTD. (NYSE: TNK) filed a Form 6-K on February 22, 2024, reporting on its financial performance for the period ending December 31, 2023. The filing, with SEC file number 001-33867, indicates the company's adherence to reporting requirements for foreign private issuers. The report includes an announcement, attached as Exhibit 1, detailing the company's fourth-quarter and full-year 2023 earnings.

Why It Matters

This filing provides investors with crucial financial results for Teekay Tankers, impacting their valuation and future investment decisions in the shipping sector.

Risk Assessment

Risk Level: low — This is a routine regulatory filing for earnings, not indicating any unusual or elevated risk.

Key Players & Entities

• TEEKAY TANKERS LTD. (company) — Registrant filing the 6-K
• February 22, 2024 (date) — Date of Report
• December 31, 2023 (date) — Conformed Period of Report
• 001-33867 (other) — SEC File Number
• Hamilton, HM 08, Bermuda (location) — Principal executive office address

FAQ

Key Financial Figures

• $111.7 m — Highlights Reported GAAP net income of $111.7 million, or $3.27 per share and adjusted
• $3.27 — d GAAP net income of $111.7 million, or $3.27 per share and adjusted net income (1) o
• $99.5 m — er share and adjusted net income (1) of $99.5 million, or $2.91 per share, in the fourt
• $2.91 — ted net income (1) of $99.5 million, or $2.91 per share, in the fourth quarter of 202
• $513.7 m — ). Fiscal year 2023 GAAP net income of $513.7 million, or $15.04 per share and fiscal y
• $15.04 — 3 GAAP net income of $513.7 million, or $15.04 per share and fiscal year 2023 adjusted
• $500.5 m — al year 2023 adjusted net income (1) of $500.5 million, or $14.65 per share (excluding i
• $14.65 — ed net income (1) of $500.5 million, or $14.65 per share (excluding items listed in Ap
• $137 million — e-leaseback arrangements for a total of $137 million. After completing these repurchases in
• $46.5 million — sold two 2004-built Aframax vessels for $46.5 million. One vessel sale completed in December
• $10.4 million — 023 which resulted in a gain on sale of $10.4 million. The second vessel sale completed in Fe
• $11.5 million — sult in a gain on sale of approximately $11.5 million during the first quarter of 2024. The
• $0.25 — The Company declared a cash dividend of $0.25 per share for the quarter ended Decembe
• $5.8 million — le the third quarter of 2023 included a $5.8 million reversal of income tax accruals. Four
• $46.5 m — the sale of our two oldest vessels for $46.5 million, which resulted in a combined gai

Filing Documents

• tnkq4-23erdocument.htm (6-K) — 463KB
• image2.jpg (GRAPHIC) — 9KB
• newsreleasea10.jpg (GRAPHIC) — 11KB
• 0001628280-24-006223.txt ( ) — 486KB

— 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 Tankers Ltd. dated February 22, 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 TANKERS LTD. Date February 22, 2024 By s Stewart Andrade Stewart Andrade Chief Financial Officer (Principal Financial and Accounting Officer) TEEKAY TANKERS LTD. REPORTS FOURTH QUARTER AND ANNUAL 2023 RESULTS Highlights Reported GAAP net income of $111.7 million, or $3.27 per share and adjusted net income (1) of $99.5 million, or $2.91 per share, in the fourth quarter of 2023 (excluding items listed in Appendix A to this release). Fiscal year 2023 GAAP net income of $513.7 million, or $15.04 per share and fiscal year 2023 adjusted net income (1) of $500.5 million, or $14.65 per share (excluding items listed in Appendix A to this release). Strong 2023 mid-sized tanker spot rates coupled with the Company's high operating leverage resulted in the highest fiscal year net income in the Company's history. The Company gave notice to exercise purchase options on eight vessels under sale-leaseback arrangements for a total of $137 million. After completing these repurchases in Q1-24, the Company is expected to be debt free. The Company sold two 2004-built Aframax vessels for $46.5 million. One vessel sale completed in December 2023 which resulted in a gain on sale of $10.4 million. The second vessel sale completed in February 2024 which is expected to result in a gain on sale of approximately $11.5 million during the first quarter of 2024. The Company declared a cash dividend of $0.25 per share for the quarter ended December 31, 2023. Hamilton, Bermuda, February 22, 2024 - Teekay Tankers Ltd. ( Teekay Tankers or the Company ) (NYSE TNK) today reported the Company's results for the quarter and year end

View Full Filing

View this 6-K filing on SEC EDGAR