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Highlights
- Teck Resources' diluted earnings per share (EPC) were C$ 1.51, reflecting an increase from 11 cents per diluted share in Q3 2020.
- Teck Resources' chief executive officer Don Lindsay said that the mining company would focus on optimizing sales in the last quarter of this year.
- In Q3 2021, Teck Resources reported a profit of C$ 816 million, a massive surge compared to a profit of C$ 61 million in the third quarter of 2020.
Stocks of Teck Resources Limited (TSX:TECK) surged by 3.5 per cent at market open on Wednesday, October 27, as the company posted strong financial results for the third quarter of this year.
Beating analysts' estimation, Teck Resources reported a profit of C$ 816 million, a massive surge compared to a profit of C$ 61 million in the third quarter of 2020.
The Vancouver-based mining company said its diluted earnings per share (EPS) were C$ 1.51, reflecting an increase from 11 cents per diluted share in Q3 2020. The average analyst estimate was reportedly C$1.50 per share.
The strong financial results could be due to the increasing prices of commodities in the recent past. Teck Resources is involved in mining copper, oil sands, coal, and zinc in the United States, Canada, Peru, and Chile.
Financial and stock performance of Teck Resources (TSX:TECK)
Teck Resources' revenues were C$ 3.97 billion in Q3 2021, compared to C$ 2.29 billion in Q3 2020. The surge in revenues came due to the increase in commodity prices.
Copper prices climbed to US$ 4.28 per pound from US$ 3 per pound a year ago. Meanwhile, the zinc price increased to US$ 1.36 per pound from US$ 1.05.
Teck Resources' primary product- steelmaking coal also saw an increase in its price as it increased to US$ 237 per ton in comparison to US$ 102 in Q3 2020.
In the last 12 months, the TECK stock catapulted by 97.5 per cent. Meanwhile, the mining stock surged relatively by 39.2 percent year-to-date (YTD) and outpaced the S&P TSX Diversified Metal and Mining Index sector as it declined by 0.12 percent.
Bottom line
Teck Resources' chief executive officer Don Lindsay said that in the last quarter of this year, the mining company would optimize sales and increase production to capitalize on rising commodity prices.
Also Read: Teck Resources (TSX:TECK) and International Tower Hill (TSX:ITH): 2 Mining Stocks on TSX
