TEEKAY EARNINGS, Amongst Other Things, BEAT STREET

By Urs Dür

Teekay posted net income of $ 96.2m or $2.35 per share on the 24th of July as Q2 earnings for 2001 compared with $46.7m and $1.19/share in the corresponding period last year. A portion of the increase must be attributed to the Ugland Nordic acquisition which was concluded earlier this year but still the numbers blew-away the “Street” consensus which was a mere $2.03. Jordan Alliger of Goldman Sachs, for example, had an estimate for Q2 on TK at $1.80/share and JP Morgan analysts Jill Evans and Jonathan Chappell had an estimate of $1.99. This significant “miss” in percentage terms by two large investment houses anecdotally shows that this industry remains notoriously tough to call even if it is a “deep cyclical”. The full earnings release is on www.teekay.com.

On the news, Lehman Brothers’ Dan Barcelo reiterated his Buy recommendation with EPS estimates on the shares, maintaining their EPS 2001 estimate, at $10.60.

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