https://www.miningweekly.com

Teck Resources profit beats as higher coal prices offset lower sales volumes

26th July 2018

By: Reuters

  

Font size: - +

Canada's Teck Resources, beat analyst estimates for quarterly profit on Wednesday as higher prices more than offset lower-than-expected sales volume of metallurgical coal.

The world's second-biggest exporter of steelmaking coal stuck to its annual coal production forecast of 26-million tonnes to 27-million tonnes, but said the production is now expected to be near the lower end of the range.

Vancouver-based Teck, which also produces copper, zinc and bitumen, expects third-quarter coal sales to rise to 6.8-million tonnes from 6.6-million tonnes in the reported quarter.

The second-quarter coal sales volume slightly missed the company's April 24 forecast of 6.7-million tonnes.

The company's average realized price of steelmaking coal rose 9.6% in the second quarter to $183/t.

Teck said adjusted profit rose 12.6% to C$653-million, or C$1.12 a share, in the three months to end June.

Analysts were expecting earnings of C$1.07 a share, according to Thomson Reuters I/B/E/S.

Revenue rose 6.5% to C$3.02 billion.

The company also appointed Dominic Barton as chairman as Norman Keevil retires from the role on October 1, it said in a separate statement earlier on Wednesday.

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION