By Canadian Press

Teck Resources reports record first-quarter profit, boosted by commodity prices

Apr 27, 2022 | 5:48 AM

VANCOUVER — Teck Resources Ltd. beat expectations as it reported a record first-quarter profit attributable to shareholders of $1.57 billion, up from $305 million a year ago, boosted by high commodity prices.

The company says the profit amounted to $2.87 per diluted share for the quarter ended March 31, up from 57 cents per diluted share a year earlier.

Revenue totalled $5.03 billion compared with nearly $2.55 billion in the first three months of 2021.

The increase came as Teck’s copper revenue amounted to $930 million, up from $767 million a year earlier, while zinc revenue was $920 million, up from $570 million. Steelmaking coal revenue totalled nearly $2.77 billion, up from nearly $1.05 billion a year ago, and energy revenue grew to $416 million, up from $163 million.

On an adjusted basis, Teck says it earned $2.96 per diluted share in the quarter, up from an adjusted profit of 61 cents per diluted share a year earlier.

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Analysts on average had expected an adjusted profit of $2.89 per share and $4.98 billion in revenue for the quarter, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published April 27, 2022.

Companies in this story: (TSX:TECK.B)

The Canadian Press