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Teekay Corporation Ltd. Reports Third Quarter 2024 Results; Declares a Special Dividend; and Announces New Share Repurchase Program

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Teekay (NYSE:TK) has announced three significant developments: a special dividend of $1.00 per common share payable on December 18, 2024, to shareholders of record on December 4, 2024, and a new share repurchase program of up to $40 million. The company, which operates approximately 62 conventional tankers and other marine assets through its controlling stake in Teekay Tankers (NYSE: TNK), provides crude oil marine transportation and other marine services globally, employing about 2,200 staff across 8 countries.

Teekay (NYSE:TK) ha annunciato tre sviluppi significativi: un dividendo straordinario di $1,00 per azione ordinaria, che sarà pagato il 18 dicembre 2024, agli azionisti registrati il 4 dicembre 2024, e un nuovo programma di riacquisto azioni fino a $40 milioni. L'azienda, che gestisce circa 62 petroliere convenzionali e altri beni marittimi tramite la sua partecipazione di controllo in Teekay Tankers (NYSE: TNK), fornisce trasporti marittimi di petrolio greggio e altri servizi marittimi a livello globale, impiegando circa 2.200 persone in 8 paesi.

Teekay (NYSE:TK) ha anunciado tres desarrollos significativos: un dividendo especial de $1.00 por acción común, que se pagará el 18 de diciembre de 2024, a los accionistas registrados el 4 de diciembre de 2024, y un nuevo programa de recompra de acciones de hasta $40 millones. La empresa, que opera aproximadamente 62 petroleros convencionales y otros activos marinos a través de su participación controladora en Teekay Tankers (NYSE: TNK), proporciona transporte marino de petróleo crudo y otros servicios marítimos a nivel global, empleando a unas 2,200 personas en 8 países.

Teekay (NYSE:TK)는 세 가지 주요 개발 사항을 발표했습니다: 2024년 12월 18일에 지급될 특별 배당금 $1.00을 2024년 12월 4일 기준 주주에게 지급하며, 최대 $40백만 규모의 자사주 매입 프로그램을 새로 도입합니다. 이 회사는 Teekay Tankers (NYSE: TNK)에 대한 지배 지분을 통해 약 62척의 일반 유조선과 다른 해양 자산을 운영하며, 전 세계적으로 원유 해상 운송 및 기타 해양 서비스를 제공하며, 8개국에서 약 2,200명의 직원을 고용하고 있습니다.

Teekay (NYSE:TK) a annoncé trois développements significatifs : un dividende exceptionnel de 1,00 $ par action ordinaire, payable le 18 décembre 2024, aux actionnaires enregistrés le 4 décembre 2024, et un nouveau programme de rachat d'actions pouvant aller jusqu'à 40 millions de $. L'entreprise, qui exploite environ 62 pétroliers conventionnels et d'autres actifs maritimes par le biais de sa participation majoritaire dans Teekay Tankers (NYSE: TNK), fournit des services de transport maritime de pétrole brut et d'autres services maritimes à l'échelle mondiale, employant environ 2 200 personnes dans 8 pays.

Teekay (NYSE:TK) hat drei bedeutende Entwicklungen bekannt gegeben: eine sonstige Dividende von 1,00 $ pro Stammaktie, die am 18. Dezember 2024 an die am 4. Dezember 2024 registrierten Aktionäre ausgezahlt wird, sowie ein neues Aktienrückkaufprogramm von bis zu 40 Millionen $. Das Unternehmen betreibt etwa 62 konventionelle Tanker und andere maritime Vermögenswerte über seine Kontrollbeteiligung an Teekay Tankers (NYSE: TNK) und bietet weltweit marine Transportdienste für Rohöl und andere maritime Dienstleistungen an, wobei etwa 2.200 Mitarbeiter in 8 Ländern beschäftigt sind.

Positive
  • Announced special dividend of $1.00 per share
  • Authorized new $40 million share repurchase program
  • Controls significant fleet of 62 conventional tankers and marine assets
Negative
  • None.

Insights

The announcement of a $1.00 per share special dividend and a $40 million share repurchase program signals strong financial health and shareholder-friendly capital allocation. With a market cap of $687.8 million, the buyback represents approximately 5.8% of the company's market value. This dual approach to returning capital demonstrates management's confidence in the company's cash flow generation and operational stability.

The timing aligns with favorable conditions in the crude oil marine transportation sector, where mid-sized tanker rates have been robust. Teekay's controlling stake in Teekay Tankers (TNK) provides significant exposure to this market strength. The special dividend will result in an immediate return to shareholders, while the flexible buyback program offers sustained support for the stock price and enhances per-share metrics.

HAMILTON, Bermuda, Oct. 30, 2024 (GLOBE NEWSWIRE) --  Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today reported results for the three months ended September 30, 2024. The full earnings release and Teekay Group’s earnings presentation are available on the Company’s website here.

Special Dividend

The Company's Board of Directors declares a one-time special cash dividend in the amount of $1.00 per outstanding common share. This dividend is payable on December 18, 2024 to all Teekay shareholders of record on December 4, 2024.

New Share Repurchase Program

The Company’s Board of Directors has authorized a new share repurchase program for the repurchase of up to $40 million of the Company’s outstanding common shares. Under the program, repurchases can be made from time to time in the open market, through privately-negotiated transactions and by any other means permitted under the rules of the U.S. Securities and Exchange Commission, in each case at times and prices considered appropriate by the Company. The timing of any purchases and the exact number of shares to be purchased under the program will be subject to the discretion of the Company and upon market conditions and other factors. The Company intends to make all open market repurchases under the plan in accordance with Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended.

About Teekay

Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate approximately 62 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in 8 countries and approximately 2,200 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

For Investor Relations
enquiries contact:

E-mail: investor.relations@teekay.com
Website: www.teekay.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical fact, are forward-looking statements. When used in this report, the words “expect,” “believe,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will” or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Forward-looking statements contained in this release include, among others, statements regarding the expected amount and timing of repurchases of Teekay’s common shares under the Company’s share repurchase program; and the occurrence and timing of a special cash dividend payment by the Company.

The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in the Company’s liquidity and financial leverage; the Company’s capital requirements; changes in the demand for oil and refined products; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of vessel newbuilding orders and deliveries and greater or less than anticipated rates of vessel scrapping; changes in global oil prices or tanker rates; higher than expected costs and expenses, off-hire days or dry-docking requirements (both scheduled and unscheduled); changes in the trading price and trading volume of the Company’s common shares; and other factors discussed in Teekay’s filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2023. Teekay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.


FAQ

When will Teekay (TK) pay its special dividend in 2024?

Teekay (TK) will pay a special dividend of $1.00 per share on December 18, 2024, to shareholders of record as of December 4, 2024.

How much is Teekay's (TK) new share repurchase program worth?

Teekay (TK) has authorized a new share repurchase program worth up to $40 million.

How many vessels does Teekay (TK) manage and operate?

Teekay (TK) manages and operates approximately 62 conventional tankers and other marine assets, including vessels operated for the Australian government.

Teekay Corporation Ltd.

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699.79M
55.76M
36.42%
51.04%
0.66%
Oil & Gas Midstream
Energy
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United States of America
Hamilton