Teck Resources 1Q Revenue And Earnings Beat Estimates; Shares Plunge 3%
Stephanie Bedard-Chateauneuf- April 28, 2021, 1:18 PM EDT SHARE ON:
Teck Resources (
TECK.B) shares plunged more than 3% Wednesday despite the company reporting better-than-expected earnings and revenue in its first quarter.
The Canadian miner revenue came in at C$2.55 billion in the quarter ended March 31, an increase of 7% from $C2.38 billion in the first quarter of 2020.
Meanwhile, 1Q 2021 profit was C$305 million (C$0.57 per share), compared to a loss of C$312 million (C$0.57 per share) in 1Q 2020. Higher copper prices drove the rise in profit. On an adjusted basis, Teck Resources earned C$0.61 per share in the first quarter, up 259% from C$0.17 per share a year ago.
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