The Successful Investor Hotline – Friday, July 26, 2013
Article Excerpt
TECK RESOURCES LTD., $25.11, Toronto symbol TCK.B, reported lower results this week due to weaker metallurgical coal and copper prices. Even so, the latest revenue and earnings beat the consensus forecasts.
In the three months ended June 30, 2013, Teck’s earnings fell 50.5%, to $197 million, or $0.34 a share. These figures exclude unusual items, such as foreign exchange losses and asset writedowns. On this basis, the latest earnings beat the consensus estimate of $0.31 a share. A year earlier, Teck earned $398 million, or $0.68 a share.
Revenue fell 16.0%, to $2.2 billion from $2.6 billion. Even with the decline, the latest figure also beat the consensus estimate of $2.1 billion.
Coal sales, which account for 47% of Teck’s revenue, fell 26.4%. The company shipped 6.3 million tonnes in the latest quarter, down 6.4% from a year earlier. As well, prices declined 22.8%, to $156 U.S. a tonne. Copper sales (32% of the total) fell 5.2%, while zinc sales (21%) declined 2.6%.
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