Good first quarter for Teck
Teck Resources had a big increase in first-quarter profits thanks to higher prices for its coal, copper and zinc but the company still fell short of analyst estimates due to weak sales volumes.
Teck had $572 million of net income in the first quarter, equal to 99 cents per share, six times higher than in Teck's first quarter last year.
Steel making coal was said to be the biggest factor behind the surge, with prices nearly tripling from a year ago, while copper prices rose 25 per cent and zinc was up 66 per cent.
Total revenue was $2.89 billion, up $1.19 billion or 70 per cent from the first quarter of 2016.
At Trail operations, refined zinc production was similar to the same period a year ago, as higher feed rates were offset by increases of in-process inventories...refined lead production was 10-percent lower than a year ago, due to lower lead inputs in the feed mix.
For Zinc, revenue was up at Trail operations to 576 million, from 467 million in the first quarter of 2016, gross profit was also up to 47 from 34 million.