Teck Resources surpasses expectations

Business

Teck Resources outperformed analysts’ expectations for its first quarter, even with lower earnings compared to last year due to lower resource prices and higher operating costs.

The mine generated shareholder earnings of $ 630 million, or $ 1.10 per share, for the three months ended March 31.

In comparison, it had a profit of $ 759 million, or $ 1.30 per share, for the same period a year earlier.

Revenues totaled nearly $ 3.11 billion, compared to a turnover of $ 3.09 billion last year.

On an adjusted basis, Teck posted a profit of $ 568 million, or 99 cents per share, down from adjusted profit of $ 753 million, or $ 1.29 per share, in the same period a year earlier.

Analysts on average expected a profit of 95 cents per share, according to forecasts collected by Thomson Reuters Eikon.