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TNK has a mixed earnings record, with its bottom line surpassing the Zacks Consensus Estimate in two of the last four quarters and missing twice, the average beat being 2.78%.
The Zacks Consensus Estimate for first-quarter earnings per share has declined 5.61% to $3.70 over the past 60 days.
Against this backdrop, let’s delve into the factors that might have impacted Teekay Tankers’ March-quarter performance.
The company’s performance is expected to have been affected by supply-chain disruptions. High operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line. Steep fuel costs are likely to have flared up total expenses.
However, favorable tanker rates are expected to have aided the top-line performance. Moreover, with the normalization of economic activities, world trade gained pace, which should aid third-quarter results of shipping stocks like TNK. This is because the shipping industry is responsible for transporting several goods involved in world trade.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Teekay Tankers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Earnings ESP: Teekay Tankers has an Earnings ESP of 0.00% (the Zacks Consensus Estimate is in line with the Most Accurate Estimate of $3.70 per share). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Teekay Tankers currently sports a Zacks Rank of 1.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on their first-quarter 2024 earnings.
We are impressed with Expeditors' efforts to reward its shareholders through dividend payments and share buybacks. EXPD is looking to cut costs to drive the bottom line in this weak demand scenario. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised 2.8% upward over the past 60 days.
Euronav (EURN - Free Report) currently has an Earnings ESP of +6.94% and a Zacks Rank #3. EURN will release results on May 8.
Euronav is headquartered in Belgium. Favorable oil tanker rates are supporting the growth of this stock. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised upward by 6.52% over the past 60 days.
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Teekay Tankers (TNK) to Post Q1 Earnings: What's in Store?
Teekay Tankers (TNK - Free Report) is scheduled to release first-quarter 2024 earnings on May 9 before market open.
TNK has a mixed earnings record, with its bottom line surpassing the Zacks Consensus Estimate in two of the last four quarters and missing twice, the average beat being 2.78%.
Teekay Tankers Ltd. Price and EPS Surprise
Teekay Tankers Ltd. price-eps-surprise | Teekay Tankers Ltd. Quote
The Zacks Consensus Estimate for first-quarter earnings per share has declined 5.61% to $3.70 over the past 60 days.
Against this backdrop, let’s delve into the factors that might have impacted Teekay Tankers’ March-quarter performance.
The company’s performance is expected to have been affected by supply-chain disruptions. High operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line. Steep fuel costs are likely to have flared up total expenses.
However, favorable tanker rates are expected to have aided the top-line performance. Moreover, with the normalization of economic activities, world trade gained pace, which should aid third-quarter results of shipping stocks like TNK. This is because the shipping industry is responsible for transporting several goods involved in world trade.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Teekay Tankers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Earnings ESP: Teekay Tankers has an Earnings ESP of 0.00% (the Zacks Consensus Estimate is in line with the Most Accurate Estimate of $3.70 per share). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Teekay Tankers currently sports a Zacks Rank of 1.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on their first-quarter 2024 earnings.
Expeditors International of Washington (EXPD - Free Report) currently has an Earnings ESP of +6.39% and a Zacks Rank #2. EXPD will release results on May 7. You can see the complete list of today’s Zacks #1 Rank stocks here.
We are impressed with Expeditors' efforts to reward its shareholders through dividend payments and share buybacks. EXPD is looking to cut costs to drive the bottom line in this weak demand scenario. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised 2.8% upward over the past 60 days.
Euronav (EURN - Free Report) currently has an Earnings ESP of +6.94% and a Zacks Rank #3. EURN will release results on May 8.
Euronav is headquartered in Belgium. Favorable oil tanker rates are supporting the growth of this stock. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised upward by 6.52% over the past 60 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.