Dump trucks move waste rock around Teck's Highland Valley Copper MineJOHN LEHMANN
Teck Resources Ltd. says it earned $355-million in its latest quarter as revenue increased by nearly 20 per cent, helped by higher coal and base metal prices.
The mining company said Tuesday the profit amounted to 56 cents per diluted share for the quarter ended Sept. 30. The results compared with a profit of $628-million, or $1.02 per share, a year ago when the company recorded a $356-million gain on foreign exchange.
Revenue totalled $2.52-billion, up from $2.13-billion.
The results for the most recent quarter included a $400-million charge related to debt repurchases and financing fees.
Teck reported adjusted quarterly earnings of $467-million, or 79 cents per share, for the third quarter of 2010.
The average analyst estimate had been for earnings of 88 cents per share for the quarter and revenue of $2.46-billion, according to Thomson Reuters.
Teck president and chief executive Don Lindsay said the company strengthened its balance sheet in the quarter and refinanced a portion of its debt.
"This will result in a reduction in our interest expense of approximately $85-million (U.S.) per year," Mr. Lindsay said in a statement.
Teck is a major producer of copper, steelmaking coal and zinc.
Last month, the company lowered its coal sales guidance by roughly 10 per cent for the third quarter due to capacity problems at Westshore Terminals Inc.
Vancouver-based Westshore runs a coal export facility and the largest dry bulk terminal on the west coast of the Americas.
Teck said neither a strike at its Coal Mountain mine nor the June explosion at its Greenhills processing plant has had a material impact on sales.
Coal Mountain produces metallurgical and thermal coal, with annual production capacity of 2.7 million tonnes at the mine and 3.5 million tonnes at the preparation plant.
In June, an explosion in a coal dryer at the company's Greenhills coal mine in British Columbia shut down production from the operation.