By Canadian Press

Teck Resources reports nearly $1.49B Q4 profit compared with loss a year ago

Feb 24, 2022 | 5:34 AM

VANCOUVER — Teck Resources Ltd. reported a fourth-quarter profit attributable to shareholders of nearly $1.49 billion compared with a loss of $464 million a year earlier, helped by strong commodity prices.

The miner says the profit amounted to $2.74 per diluted share for the quarter ended Dec. 31, compared with a loss of 87 cents per diluted share in the last three months of 2020.

Revenue for the quarter totalled $4.41 billion, up from $2.56 billion a year earlier.

On an adjusted basis, Teck says it earned $2.54 per diluted share in the fourth quarter of 2021, compared with an adjusted profit of 46 cents per diluted share in the fourth quarter of 2020.

Analysts on average had expected an adjusted profit of $2.38 per share and $4.44 billion in revenue, according to financial markets data firm Refinitiv.

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On Wednesday, Teck raised its annual base dividend to 50 cents per share from 20 cents and announced a plan to buy back up to $100 million worth of its shares. It also declared a dividend of 62.5 cents per share, made up of the quarterly base dividend of 12.5 cents plus a supplemental dividend of 50 cents per share for the quarter.

This report by The Canadian Press was first published Feb. 24, 2022.

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

The Canadian Press