Teck Resources sees big surge in Q1 profit, sales but falls short of estimates

Teck's big surge in profit still falls short

VANCOUVER — Teck Resources Ltd. (TSX:TECK.B) had a big increase in first-quarter profits thanks to higher prices for its coal, copper and zinc but the company still fell short of analyst estimates due to weak sales volumes.

The Vancouver-based miner had $572 million of net income in the first quarter, equal to 99 cents per share.

That’s six times higher than in Teck’s first quarter last year.

Teck says steelmaking coal was the biggest factor behind the surge, with prices nearly tripling from a year ago, while copper prices rose 25 per cent and zinc was up 66 per cent.

Total revenue was $2.89 billion, up $1.19 billion or 70 per cent from the first quarter of 2016.

But analysts had estimated more than $3 billion of revenue and $1.28 per share of net income, according to Thomson Reuters.

Teck says sales of its steelmaking coal got off to a slow start before surging to a March record high, while copper volumes were 20 per cent lower than a year earlier because of lower ore grades at one of its mines.

The Canadian Press

Just Posted

RDN seeks guidance for Area F projects

Five-year Project Plan to be updated

Remains of two people found in Ucluelet

Officials have not said whether or not the remains belong to Ryan Daley or Dan Archbald

B.C. turns up the heat

Environment Canada has issued a special weather statement for most the province due to high temperatures

RDN to create conceptual designs for fire halls

Committee endorses standardization design of buildings

Oceanside RCMP asking for help in finding teen

Isaiah Taylor may be in Qualicum Beach, Tofino or Victoria

VIDEO: Seaside Cruizers Show and Shine in Parksville Qualicum Beach

Hot rods, American muscle and more featured June 15-17

Coastal Community expands wealth services presence in Qualicum Beach

New offices are located in heart of Qualicum Beach’s business district

Cheers erupt as Federal Court judge approves historic gay purge settlement

Gay military veterans said they were interrogated, harassed and spied on because of their sexuality

Helping B.C.’s helpers cope

The MRT has helped almost 7,000 first responders and street workers in 57 communities in B.C.

Border officials argue B.C. man’s Facebook posts threat to Canada’s security

A B.C. Supreme Court judge acquitted Othman Hamdan of terrorism charges last September

Reena Virk’s mother has died

Both of Virk’s parents became activists against bullying in wake of daughter’s death

Search for capsized fishers near Tofino enters fourth day

“There’s a lot of shock in the community in terms of how we could end up at this place.”

B.C. announces $75M to help friends, family care for seniors at home

Funding will go towards respite care and adult day programs

Timely tide attracts another pod of orcas to Victoria

The pod left the harbour about 30 minutes later

Most Read