VANCOUVER — Teck Resources Ltd. beat expectations as it reported a record first-quarter profit attributable to shareholders of $1.57 billion, up from $305 million a year ago, boosted by high commodity prices.
The company says the profit amounted to $2.87 per diluted share for the quarter ended March 31, up from 57 cents per diluted share a year earlier.
Revenue totalled $5.03 billion compared with nearly $2.55 billion in the first three months of 2021.
The increase came as Teck's copper revenue amounted to $930 million, up from $767 million a year earlier, while zinc revenue was $920 million, up from $570 million. Steelmaking coal revenue totalled nearly $2.77 billion, up from nearly $1.05 billion a year ago, and energy revenue grew to $416 million, up from $163 million.
On an adjusted basis, Teck says it earned $2.96 per diluted share in the quarter, up from an adjusted profit of 61 cents per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $2.89 per share and $4.98 billion in revenue for the quarter, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published April 27, 2022.
Companies in this story: (TSX:TECK.B)
The Canadian Press