By Canadian Press

Teck Q2 profit below estimates as it records one-time items, lower metal prices

Jul 25, 2019 | 4:20 AM

VANCOUVER — Teck Resources Ltd. says its profit attributable to shareholders dropped to $231 million in the second quarter, down from $634 million a year ago and below analyst estimates.

The mining company said its profit was affected negatively by several factors including a $109 million asset impairment charge related to the Cardinal River steelmaking coal operation.

Its net income for the quarter amounted to 41 cents per share, down from $1.10 per share. Adjusted profit attributable to shareholders was 81 cents per share down from $1.14 in last year’s second quarter.

Analysts had estimated 84 cents per share of adjusted profit and $415 million of net income, according to financial markets data firm Refinitiv.

Revenue increased to $3.14 billion from $3.02 billion a year earlier, with about half of the total from steelmaking coal.

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Of Teck’s major revenue categories, only energy increased significantly — rising to $295 million from $78 million — while revenue from copper and zinc declined amid lower metal prices.

Companies in this story: (TSX:TECK.A, TSX:TECK.B)

The Canadian Press