Teck Resources reports record first-quarter profit, boosted by commodity prices

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.