- Teck Resources (NYSE:TECK) -4.2% premarket after reporting weaker than expected Q4 earnings and a 10% Y/Y drop in revenues,
- Teck's adjusted Q4 profit fell to C$700M, or C$1.21/share, from C$930M, or C$1.61/share, in the year-ago period, due mostly to lower prices and sales volumes in its steelmaking coal business.
- Q4 adjusted EBITDA was $1.5B compared with $1.9B in the year-ago quarter, but adjusted EBITDA for FY 2017 was $5.7B vs. $3.5B for 2016; Q4 cash flow from operations of $1.5B was the same as a year ago but came in at a record $5.1B for the full year vs. $3.1B in 2016.
- Teck says Q4 sales of steelmaking coal fell 8% Y/Y to 6.4M metric tons at an average realized price of $170/ton, slightly below its December forecast for 6.5M metric tons of production at an average price of $165-$170/ton.
- For FY 2018, Teck forecasts steelmaking coal production 26M-27M metric tons vs. 26.6M tons in 2017, copper production of 270K-285K metric tons vs. 287.3K tons last year, and zinc concentrate production of 645K-670K metric tons vs. 658.7K tons produced in 2017.
- Now read: Peabody Energy Q4 Results: Rosy Picture In A Sea Of Gloom
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