(Vancouver) Teck Resources beat analysts’ expectations on Wednesday by posting better-than-expected financial results for its third quarter, notably thanks to higher commodity prices.
The Vancouver-based mining company posted profit of $ 816 million, or $ 1.51 per share, for its quarter ended Sept. 30, which compared to a profit of 61 million, or 11 cents per share, for the same period a year earlier.
Revenue totaled $ 3.97 billion, compared to $ 2.29 billion in the third quarter of last year.
Teck’s price for copper climbed to US $ 4.28 per pound in the most recent quarter from US $ 3.00 per pound a year earlier. The realized price for zinc reached US $ 1.36 per pound, compared to US $ 1.05 per pound a year earlier. The price obtained for steel has jumped to US $ 237 per tonne from US $ 102 per tonne last year.
On an adjusted basis, Teck posted earnings of $ 1.88 per share for its most recent quarter, compared to an adjusted profit of 24 cents per share a year earlier.
Analysts on average expected adjusted earnings per share of $ 1.50, according to forecasts collected by financial data firm Refinitiv.