Teck Resources Swings To Q1 Profit; Reiterates Guidance

Teck Resources

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(RTTNews) - Teck Resources Ltd. (TECK), a Canadian resource company, announced on Thursday that it reported a Profit from continuing operations attributable to shareholders in the first quarter compared with a loss last year.

For the first quarter, Profit from continuing operations was C$370 million compared with the loss of C$125 million last year.

Earnings per share were C$0.73 versus a loss of C$0.24 in the previous year.

On the adjusted basis, profit from continuing operations was registered at C$303 million compared with a loss of C$6 million last year.

Adjusted earnings per share were C$0.60 versus a loss of C$0.01 in the prior year.

Sixteen Analysts, on average, had expected the company to report a profit of $0.34 per share. Analysts' estimates typically exclude special items.

Adjusted EBITDA climbed to C$927 million from C$409 million in the previous year.

Pre-tax Profit from continuing operations also increased to C$450 million from a loss of C$235 million in the prior year.

Revenue increased to C$2.29 billion from C$1.62 billion last year.

Looking ahead, the company reiterated its outlook, as there has been no change to the previously disclosed guidance.

The company expects production of Copper to range between 0.490 million to 0.565 million tonnes, Zinc at 0.525 million to 0.575 million tonnes, and refined zinc to range between 0.190 million to 0.23 million tonnes.

For the second quarter, the company anticipates sales of Red Dog zinc in concentrate to range between 25000 to 35000 tonnes.

Teck Resources also anticipates Copper net cash unit costs to range between $1.65lb. and $1.95lb. While Zinc net cash unit costs are expected to be in the range of $0.45lb. and $0.55lb.

Wednesday, Teck Resources stock closed at $34.88, 3.07% higher on the New York Stock Exchange. In the after-market hours, the stock traded 0.23% lesser before ending the trade at $34.80.