Teck Resources tops first-quarter profit expectations, sales up from year ago

By iNFOTEL
April 24 2018 05:12 AM

CP1179144379 — Teck Mining Company\'s zinc and lead smelting and refining complex is pictured in Trail, B.C., on November 26, 2012. Teck Resources Ltd. reported its first-quarter profit improved compared with a year ago as sales also grew. The miner says its profit attributable to shareholders totalled 59 million or .30 per diluted share, up from 56 million or 95 cents per diluted share a year ago. THE CANADIAN PRESS/Darryl Dyck

VANCOUVER – Teck Resources Ltd. reported a better-than-expected first-quarter profit as revenue also grew compared with a year ago, helped by improved sales volumes.

The miner says its profit attributable to shareholders totalled $759 million or $1.32 per share, up from $556 million or 96 cents per diluted share a year ago.

Revenue totalled $3.09 billion, up from $2.85 billion.

On an adjusted basis, Teck says it earned $1.31 per share for the quarter, up from $1.13 per share a year ago.

Analysts on average had expected a profit of $1.26 per share, according to Thomson Reuters.

Teck says the improvement came mainly due to higher copper and zinc prices and partly due to increased sales volumes of copper, partly offset by a stronger loonie.

Companies in this story: (TSX:TECK.B)

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