Mining heavyweight Teck posts surprise first-quarter profit
by The Associated Press
Company tops expectations with earnings of 2 cents per share
VANCOUVER—Teck Resources Ltd. reported its first-quarter financial results April 26, topping analyst estimates.
The Vancouver-based company posted net income of $68.5 million for the quarter, or a 12 cents per share profit. Earnings, adjusted for non-recurring gains, came to 2 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The Canadian mining company posted revenue of $1.24 billion over the time period.
Teck Resources shares have more than doubled since the beginning of the year.