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The Toronto-quoted equity of Canada’s largest diversified miner, Teck Resources (TSE: TECK.B NYSE: TECK), traded in the red on Tuesday following the company’s release of June-quarter earnings which missed analysts’ mark.
Vancouver-based Teck Resources reported a headline profit, adjusting to remove one-time items, of C$339 million ($269m), or C63c per share, from C$326 million ($259m), or C61c per share, in the previous quarter.
The results missed average analyst estimates for adjusted earnings of C65c per share on revenue of C$2.67 billion
The results missed average analyst estimates for adjusted earnings of C65c per share on revenue of C$2.67 billion.
Record high copper prices drove the metric 4% higher sequentially as a global demand recovery from the covid-19 pandemic, strong liquidity injections and tightened supplies have pushed copper prices to all-time highs in the quarter.
The company says the average realized price for copper rose 12% over the first quarter to $4.39 per pound.
Click here for an interactive chart of copper prices
Combined with slightly higher copper output at 72,100 tonnes compared with 71,700 tonnes in the previous quarter, Teck reported a near 50% rise in revenues at C$2.56 billion, albeit rolling mine shutdowns impacted the prior year due to covid-19.
“Solid performance at our operations and key projects against the backdrop of improving market conditions made for a very positive second quarter of 2021, with adjusted profit up 281% compared to the same period last year,” said CEO Don Lindsay in a news release.
Teck also lowered its forecast for full-year steelmaking coal output to a range of 25 million to 26 million tonnes from earlier estimates of between 25.5 million and 26.5 million tonnes.
In July, Teck said current-quarter coking coal sales would be reduced by 300,000 to 500,000 tonnes due to rail service disruption from the wildfires in British Columbia, which prompted the local government to declare a province-wide state of emergency.
In early afternoon trading, Teck shares were down slightly at C$27.31 apiece. Teck has a market capitalization of C$14.56 billion.
