NEW YORK (AP) ¿ Bermuda-based Teekay Tankers Ltd. posted a loss for the third quarter Friday as revenue slumped amid a downturn in shipping.
The company said it lost $1.5 million, or 5 cents per share, compared to net income of $21.7 million, or 78 cents per share, a year earlier.
Excluding a loss in fair value of an interest-rate swap, the company said it would have earned $1.8 million, or 5 cents per share, in the July-September period.
Analysts, who usually exclude items from their forecasts, expected Teekay to earn 2 cents per share, according to Thomson Reuters.Revenue fell to $21.9 million from $47.3 million a year ago. Analysts expected $21.4 million. Teekay Tankers owns nine double-hull Aframax tankers and three double-hull Suezmax tankers. Shares fell 16 cents to $8.25 in morning trading.