May 12, 2011
TeeKay Corp (NYSE:TK) reported a Q1 loss of $0.39 per share today, wider than the expected loss for $0.32 per share. Revenues were down 11.2% year-over-year to $442.9 million, below the consensus estimate for $448.3 million.
Peter Evensen, Teekay Corporation's President and CEO commented, "During the first quarter and second quarter to date we have seen strong business development activity across all of our businesses, led by our offshore business. Based on the recent high pace of offshore project tendering and asset acquisition opportunities, we remain optimistic about the prospects of our offshore business and are actively pursuing several opportunities in the North Sea and Brazil offshore markets."
Teekay has a potential upside of 15.7% based on a current price of $33.99 and an average consensus analyst price target of $39.33.
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