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(RTTNews) - Teekay Corp. (TK) reported first quarter net income attributable to shareholders of $54.64 million or $0.57 per share, up from $48.76 million or $0.48 per share in the previous year, primarily due to gains relating to the sale of a vessel by the company's subsidiary Teekay Tankers, partially offset by lower earnings from Teekay Tankers primarily as a result of lower spot tanker rates.

But adjusted net income attributable to shareholders for the first quarter declined to $41.01 million or $0.44 per basic share, from the prior year's $51.02 million or $0.52 per basic share.

Revenues for the first quarter declined to $365.05 million from $418.70 million in the previous year.

Teekay Tankers declared a quarterly cash dividend of $0.25 per common share for the quarter ended March 31, 2024. In addition, Teekay Tankers declared a special dividend of $2.00 per common share, for a combined dividend of $2.25 per common share, payable in May 2024.

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