More on Q2 results from Teekay Shipping and spinoffs

|About: Teekay Corporation (TK)|By:, SA News Editor

Teekay (TK -2%) swung to a Q2 profit after benefiting from one-time gains, but its adjusted loss widened as results sharply missed expectations.

Q2 was "challenging" for its FPSO segment due to near-term production issues which negatively impacted revenue contribution from the Voyageur Spirit and Foinaven, TK says.

Teekay Tankers (TNK +1.1%) reported Q2 EPS of -$0.08, missing consensus by $0.05, on $43.5M in revenue (-15% Y/Y). (PR)

Teekay Offshore (TOO +0.1%) swung to a $55.3M profit vs. a year-ago loss of $11.1M; revenue fell 0.8% to $222.4M. (PR)

Teekay LNG's (TGP -1.2%) profit was up 85% to $69.7M, posting strong realized and unrealized gains on derivative instruments. (PR)