(Vancouver) Rising commodity prices helped miner Teck Resources post a second-quarter profit more than five times higher than the same period last year.
Posted at 11:26
The Vancouver-based company posted net income attributable to shareholders of $1.68 billion, or $3.07 per share, in the most recent quarter, compared with $260 million, or 48 cents per share, in the same period a year earlier.
Adjusted profit was $1.77 billion, or $3.25 per share, from $339 million, or 63 cents per share, in the same quarter last year.
Revenue for the quarter ended June 30 reached $5.79 billion, compared to $2.56 billion in the same quarter a year earlier.
Teck Chairman and CEO Don Lindsay said it was a fourth consecutive quarter of record profitability.
Strong commodity prices during the quarter allowed the company to complete its share buybacks and pay down debt, he said.
“Our strong operating performance, strong balance sheet and $8.4 billion in cash have all put Teck in a very strong position as we weather inflationary pressures and a slowing global economy,” Lindsay said in A declaration.
The company’s board said Mr. Lindsay, who has been president and chief executive of Teck since 2005, intends to retire on Sept. 30.
The board unanimously nominated Jonathan Price to succeed Mr. Lindsay as CEO, and Harry (Red) Conger as President and COO.
The board said Mr. Lindsay had agreed to stay on through the second quarter of 2023 as general vice president, to support the transition.
Company in this story: (TSX: TECK.B)