Teekay Offshore Partners Q1 Earnings Up on Weaker Revenues Vs Yr Ago

Teekay Offshore Partners L.P, a Bermuda-based marine transportation company, reported Thursday a year-over-year increase in its net income for Q1 2015 on lower revenues versus the comparable period in 2014.

Net loss for the quarter was $13.2 million, compared to a net income of $9 million in Q1 2014. On an adjusted basis, net income was $40.5 million, up from $31.2 million in the year ago period. Analyst estimates were not available for comparison.

Total revenues were $250.9 million, down slightly from $259.2 million reported for the same period last year. Shares were up 1% in midday trade, below the midpoint of the 52-week range of $18.91 – $37.46.