Teekay Tankers Ltd. (TNK) Q3 2023 Earnings Call Transcript

Teekay Tankers Ltd. (NYSE:TNK) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET

Company Participants

Kevin Mackay – President and CEO

Stewart Andrade – CFO

Conference Call Participants

Jon Chappell – Evercore

Omar Nokta – Jefferies

Nathan Ho – Bank of America


Welcome to the Teekay Tankers Ltd. Third Quarter 2023 Earnings Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

Now, for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

Unidentified Company Representative

Before we begin, I would like to direct all participants to our website at www.teekay.com, where you’ll find a copy of the third quarter 2023 earnings presentation. Kevin and Stewart will review this presentation during today’s conference call.

Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the third quarter 2023 earnings release and earnings presentation available on our website.

I will now turn the call over to Kevin Mackay, Teekay Tankers’ President and CEO, to begin.

Kevin Mackay

Thank you, Ed. Hello, everyone, and thank you very much for joining us today for Teekay Tankers’ third quarter 2023 earnings conference call. Joining me on the call today are Stewart Andrade, Teekay Tankers’ CFO, and Christian Waldegrave, our Director of Research.

Moving to our recent highlights on Slide 3 of the presentation, Teekay Tankers generated total adjusted EBITDA of approximately $106 million in the third quarter, up from the $92 million we generated in the same quarter of last year. We reported adjusted net income of approximately $77 million, or $2.24 per share, an increase from last year’s third quarter levels

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