Why Teekay Corporation Stock Took Off Today

Why Teekay Corporation Stock Took Off Today

Shares of crude oil and gas tanker company Teekay Corporation (NYSE: TK) took off on a wild rump this morning, closing the day up 9.5% after reporting Q3 earnings (i.e., losses) that were less horrible than anticipated. Calculated according to GAAP accounting standards, TK lost $0.15 per share in its fiscal third quarter (as compared to last year's $0.07-per-share profit) and $0.41 per share pro forma.

All of those numbers sound pretty bad, and yet, when you consider that Wall Street had expected Teekay to report a $0.44 per share loss, the company actually exceeded expectations. Additionally, TK reported revenue of $500.8 million for the quarter, significantly ahead of Wall Street's anticipated $458.3 million.

When compared to last year's Q3, Teekay's revenues slid 8.5% year over year.

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Source: Fool.com