Teck Resources Q3 profit up as commodity prices climb

Photo: Teck

Teck Resources Ltd. beat expectations as it reported a third-quarter profit of $816 million, up from $61 million in the same quarter last year, helped by strong commodity prices.

The Vancouver-based miner says the profit amounted to $1.51 per diluted share for the quarter ended Sept. 30, up from 11 cents per diluted share a year ago.

Revenue totalled $3.97 billion, up from $2.29 billion.

The increase came as the company's realized copper price rose to US$4.28 per pound compared with US$3 a year ago, while its realized zinc price climbed to US$1.36 per pound, up from US$1.05. Teck's realized steelmaking coal price rose to US$237 per tonne compared with US$102 in the same quarter last year.

On an adjusted basis, Teck says it earned $1.88 per diluted share in its most recent quarter, up from an adjusted profit of 24 cents per diluted share in the same quarter last year.

The average analyst estimate had been for an adjusted profit of $1.50 per share, according to financial market data firm Refinitiv.

Teck CEO Don Lindsay says it was a record adjusted profit for the quarter.

"Heading into the fourth quarter, we are focused on continuing to optimize sales and production to capitalize on high commodity prices and advancing our priority QB2 copper project," Lindsay said in a statement.