Dam sale boosts Q3 profit for Teck Resources, but lower commodity prices sting
The miner says it earned 81 cents per share for the quarter, compared with $1.05 per share in the third quarter of last year
VANCOUVER – Teck Resources Ltd. reported a profit of $1.3 billion in its third quarter, boosted by the sale of the Waneta Dam.
The miner says the profit amounted to $2.23 per share for the three months ended Sept. 30, compared with $584 million or $1.01 per share a year ago.
Revenue totalled $3.2 billion, up from $3.1 billion.
On an adjusted basis, Teck says it earned 81 cents per share for the quarter, compared with $1.05 per share in the third quarter of last year.
Thomson Reuters Eikon says analysts on average had expected a profit of 94 cents per share.
Teck chief executive Don Lindsay says the company’s operations continued to perform well, but noted it was hurt by lower commodity prices.
The company says steelmaking coal prices were up 10 per cent compared with a year ago, but copper and zinc prices fell by four per cent and 14 per cent respectively, compared with a year ago.