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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12 Feb, 2021 Author Kip Keen
Coal production in the Uinta Basin decreased 3.6% year over year to 5.6 million tons in the fourth quarter of 2020 against a more drastic 14.3% drop in full-year production, according to data compiled by S&P Global Market Intelligence. The basin covers parts of Colorado and Utah.
Production in the basin decreased from 5.8 million tons in the fourth quarter of 2019 and was roughly in line with the previous quarter s total of 5.7 million tons. The basin produced 22.6 million tons of coal in 2020, slumping year over year from 26.4 million tons.
American Consolidated Natural Resources Inc. s Lila Canyon operation topped the list of active mines in the region, producing 986,459 tons in the fourth quarter, a slight drop from 1.0 million tons in the prior-year period. The Skyline No. 3 and Sufco operations were the next highest producers in the region, with 952,585 tons and 899,320 tons