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Highlights
- Stocks of Teck Resources (TSX:TECK) were up by nearly 12 per cent at 11 AM EST on Wednesday, April 27.
- The miner posted revenue of C$ 5.03 billion in the first quarter of FY2022.
- Its profit grew five times year-over-year (YoY) to C$ 1.57 billion in the latest quarter.
Stocks of Teck Resources (TSX:TECK) were up by nearly 12 per cent at 11 AM EST on Wednesday, April 27, after the company reported its unaudited Q1 results for fiscal 2022.
Teck Resources President and CEO Don Lindsay said that high commodity prices helped the company post increased profit in Q1 FY2022.
He also mentioned that the company intends to repurchase additional Class B subordinate voting shares of US$ 500 million.
On that note, let us look at Teck Resources’ financial results and stock performance.
Teck Resources Limited (TSX: TECK.B)’s Q1 FY2022 results
The Vancouver-based company posted revenue of C$ 5.03 billion in the first quarter of FY2022, which was nearly double the top line of C$ 2.54 million posted in the first three months of 2021.
Its gross profit amounted to C$ 2.56 billion in the latest quarter against C$ 654 million a year ago, while its adjusted EBITDA was C$ 3.04 billion in Q1 FY2022 compared to C$ 967 million in Q1 2021.
Teck's profit grew five times year-over-year (YoY) to C$ 1.57 billion in the latest quarter compared to C$ 305 million a year ago.
The company stated that its adjusted profit was C$ 1.62 billion in the first three months of FY2022 compared to C$ 326 million a year ago. Its basic earnings per share amounted to C$ 2.93 in Q1 2022 compared to C$ 0.57 in the same quarter a year ago.
According to the latest earnings report, its diluted earnings per share was C$ 2.87, up from C$ 0.57 posted in the same period of 2020.
Also read: Cenovus (TSX:CVE) triples dividend after $1.6B profit. Buy call?
Teck Resources’ stock performance
Stocks of Tech Resources galloped by approximately 79 per cent in the last 12 months and rose by almost 37 per cent year-to-date (YTD).
Having closed at C$ 45.08 on Tuesday, the mining stock was trading higher at C$ 50.46 apiece at the time of writing this.
Bottomline
Teck Resources said that it expects to produce 273,000 to 290,000 tonnes of copper and 630,000 to 665,000 tonnes of zinc in 2022.
The company estimates to manufacture 270,000 to 285,000 tonnes of refined zinc and steelmaking coal of 24.5 to 25.5 million tonnes this year. It also forecasts to sell 6.3 to 6.7 million tonnes of steelmaking coal in the second quarter of FY2022.
Also read: Air Canada (TSX:AC) posts operating revenue of $2.5B in Q1. A buy?
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
