Teck Resources Q2 beats analyst estimates on strength of commodity prices | iNFOnews | Thompson-Okanagan's News Source

Current Conditions

Mostly Cloudy
4.8°C

Teck Resources Q2 beats analyst estimates on strength of commodity prices

The corporate logo of Teck Resources Limited is shown. THE CANADIAN PRESS/HO
July 26, 2018 - 3:34 AM

VANCOUVER - Teck Resources Ltd. says its adjusted profit attributable to shareholders rose to $653 million in the second quarter, ahead of analyst estimates.

The adjusted earnings amounted to $1.12 per share on a diluted basis, up from $580 million or 99 cents per share in last year's second quarter.

Analysts had estimated $1.07 per share of adjusted earnings, according to Thomson Reuters Eikon.

Revenue was also above estimates at $3.02 billion, up from $2.8 billion. as Teck benefitted from higher prices for steelmaking coal, copper and zinc.

Before adjustments, Teck's net income attributable to shareholders was $634 million or $1.10 per share, up from $2.83 billion or $1 per share.

Despite the strong prices for its principle products through most of the quarter ended June 30, Teck warned that commodity prices had weakened significantly in the following weeks due to market uncertainty.

Companies in this story: (TSX:TECK)

News from © The Canadian Press, 2018
The Canadian Press

  • Popular kamloops News
View Site in: Desktop | Mobile