Published on 26 Apr 2024 on Zacks via Yahoo Finance
Teck Resources (TECK) Q1 Earnings Lag Estimates, Decline Y/Y
Teck Resources TECK reported first-quarter 2023 adjusted earnings per share (EPS) of 56 cents, missing the Zacks Consensus Estimate of 87 cents. The bottom line marked a 58% plunge from earnings of $1.32 per share reported in the year-ago quarter. Gains from increased prices for steelmaking coal and higher copper sales volumes were offset by lower zinc and copper prices and lower steelmaking coal sales volumes. Earnings were also impacted by increased unit costs at the steelmaking and Quebrada Blanca (QB) operations.
Including one-time items, EPS from continuing operations was 48 cents in the first quarter of 2024 compared with $1.65 in the year-ago quarter. This reflected the reduced ownership of Elk Valley Resources (“EVR”), lower copper and zinc prices, and higher unit costs at steelmaking coal and QB operations. Also, finance expenses and depreciation and amortization expenses were higher year over year as the depreciation of a majority of the QB assets has started and interest capitalization ceased.Net sales amounted to around $2.96 billion compared with $2.8 billion in the year-ago quarter. The top line, however, missed the Zacks Consensus Estimate of $2.99 billion.