VANCOUVER — Teck Resources Ltd. beat expectations as it reported a third-quarter profit of $816 million, up from $61 million in the same quarter last year, helped by strong commodity prices.

The Vancouver-based miner says the profit amounted to $1.51 per diluted share for the quarter ended Sept. 30, up from 11 cents per diluted share a year ago.

Revenue totalled $3.97 billion, up from $2.29 billion.

The increase came as the company’s realized copper price rose to US$4.28 per pound compared with US$3 a year ago, while its realized zinc price climbed to US$1.36 per pound, up from US$1.05. Teck’s realized steelmaking coal price rose to US$237 per tonne compared with US$102 in the same quarter last year.

On an adjusted basis, Teck says it earned $1.88 per diluted share in its most recent quarter, up from an adjusted profit of 24 cents per diluted share in the same quarter last year.

The average analyst estimate had been for an adjusted profit of $1.50 per share, according to financial market data firm Refinitiv.

Teck CEO Don Lindsay says it was a record adjusted profit for the quarter.

“Heading into the fourth quarter, we are focused on continuing to optimize sales and production to capitalize on high commodity prices and advancing our priority QB2 copper project,” Lindsay said in a statement.

This report by The Canadian Press was first published Oct. 27, 2021.

Companies in this story: (TSX:TECK.B)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0064 Estevan OTS
    0064 Estevan OTS
  • 0063 Turnbull Excavating hiring crusher
    0063 Turnbull Excavating hiring crusher
  • 0062 TED_EPAC_Technology_30
    0062 TED_EPAC_Technology_30
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0060 Arizona Lithium Lease building
    0060 Arizona Lithium Lease building
  • 0059 Southeast College Heavy Equipment Operator
    0059 Southeast College Heavy Equipment Operator
  • 0058 Royal Helium Steveville opens anonymous rocket
    0058 Royal Helium Steveville opens anonymous rocket
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0015 Latus Viro
    0015 Latus Viro
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 9001
  • 0002