By Adria Calatayud
Teck Resources reported first-quarter revenue and profit that beat consensus expectations and said its profitability benefited from higher commodity prices and copper sales volumes.
The Canadian mining company said first-quarter net profit was 370 million Canadian dollars ($266.5 million), up from C$343 million in the same period last year. On a per-share basis, profit was C$0.73, up from C$0.65.
Teck's adjusted earnings from continuing operations were C$0.60 a share compared with a loss of C$0.01 in the year-earlier period. This beat consensus estimates of C$0.35, according to consensus estimates provided by FactSet.
Revenue climbed to C$2.29 billion from C$1.62 billion. Analysts had forecast C$2.15 billion, according to the FactSet-compiled consensus.
Teck said its copper production increased by 7% to 106,100 tons despite a hit to output at its Quebrada Blanca mine in Chile from an extended shutdown in January, a national power outage and challenging weather.
The company said it expects 2025 copper and molybdenum production from Quebrada Blanca to be at the lower end of the guidance ranges it had provided, with costs at the higher end of its expectations. It had previously forecast Quebrada Blanca's annual copper production at between 230,000 and 270,000 tons, with molybdenum output at between 3,000 and 4,500 tons.
For the group as a whole, the company reiterated its previously disclosed guidance.
Teck said it is closely monitoring the potential imposition of tariffs and possible retaliation between the U.S. and other countries. The company is working to minimize the tariff impact to its Red Dog mine in Alaska--from which it typically sells some zinc and lead concentrate to customers in China--and the rest of its business, it said.
The company also said it sells refined zinc and lead, and specialty metals from Canada into the U.S., but that these products comply with the U.S.-Mexico-Canada trade agreement.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
April 24, 2025 05:21 ET (09:21 GMT)
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