Teck Resources Posts Surprise Adjusted Profit as Costs Fall
- Steelmaking coal costs fell 9.4% from a year earlier
- Profit rose to C$94 million from C$68 million a year ago
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Teck Resources Ltd. reported first-quarter results that beat analysts’ estimates as Canada’s largest diversified miner cut costs to offset the impact of lower commodity prices.
Profit attributable to shareholders was C$94 million ($74 million) compared with C$68 million a year earlier, the Vancouver-based company said Tuesday in a statement. Excluding one-time items, Teck posted earnings of 3 Canadian cents a share, beating the 3-cent loss estimated by 19 analysts tracked by Bloomberg.