Shares of Teck Resources Ltd (TECK) plummeted 5% in Friday's trading session, following the release of the company's disappointing full-year 2024 financial results.
The Canadian mining giant reported a 40% decline in revenue for 2024 to CA$9.07 billion compared to the previous year. More significantly, Teck Resources swung to a net loss of CA$800 million, a stark contrast from the CA$2.44 billion profit recorded in 2023. Earnings per share also missed analyst expectations, coming in at a loss of CA$1.55 per share.
The underperformance in Teck Resources' 2024 financials, driven by challenges in the metals and mining industry, has weighed heavily on investor sentiment. While analysts had projected an 8.1% revenue growth for the company over the next three years, the unexpected losses have cast doubt on the company's growth prospects in the near term.
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