Jul 27, 2021
Teck Resources Q2 profit surges on lower costs and revenue boost
The Canadian Press
Ross Healy discusses Teck Resources
Teck Resources Ltd. missed expectations despite posting much stronger second-quarter results, with revenues more than doubling amid improving market conditions.
The Vancouver-based mining company says its net income attributable to shareholders surged to $260 million or 48 cents per diluted share, from a loss of $149 million or 28 cents per share a year earlier.
Adjusted profits were $339 million or 63 cents per share, up 281 per cent compared with $89 million or 17 cents per share in the second quarter of 2020.
The increase is partially attributable to a $147-million reduction in COVID-19 costs and $38 million in inventory writedowns.
Revenues for the three months ended June 30 were $2.56 billion, up from $1.7 billion in the prior year.
Teck Resources was expected to report 65 cents per share in adjusted profits on $2.67 billion of revenues, according to financial data firm Refinitiv.