Teck Resources reports US$344M fourth quarter loss, but tops expectations
Weak commodity market stings miner's financial results
VANCOUVER—Teck Resources Ltd. on Thursday reported a fourth-quarter loss of US$343.9 million, after reporting a profit in the same period a year earlier.
The Vancouver, British Columbia-based company said it had a loss of 60 cents per share. Earnings, adjusted for one-time gains and costs, came to 2 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The mining and oil company posted revenue of $1.6 billion in the period.
For the year, the company reported a loss of $1.85 billion, or $3.22 per share, swinging to a loss in the period. Revenue was reported as $6.19 billion.
The company’s shares closed at $3.91. A year ago, they were trading at $14.21.