Canada’s Teck Resources Ltd., the world’s second-biggest exporter of steel-making coal, reported on Tuesday higher-than-expected adjusted first-quarter earnings as sales volumes climbed.
Steel-making coal sales volume rose to 6.1 million tonnes in the quarter ended March 31 from 5.7 million tonnes in the year-earlier quarter. Average quarterly realized price per tonne, however, fell to $207 from $212 a year earlier.
The sales volume was roughly in line with 6 million tonnes Teck forecast on March 9 after logistic issues and poor performance at a coal terminal in British Columbia prompted the company to cut the forecast.
Copper sales volumes rose 20 per cent from a year earlier, the company said, which also mines zinc and gold.
Adjusted profit attributable to shareholders rose 15 per cent to $753-million or $1.31 per share in the first quarter.
Analysts on average were expecting adjusted earnings of $1.26 per share, according to Thomson Reuters I/B/E/S.