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Teck Resources takes impairment charge at Trail operations, reports Q3 loss
VANCOUVER — Teck Resources Ltd. reported a $748-million loss from continuing operations attributable to shareholders in its latest quarter as it took a one-time asset impairment charge related to its Trail operations.
The Vancouver-based mining company says its loss amounted to $1.45 per diluted share for its third quarter compared with a loss of $48 million or nine cents per share a year earlier.
Revenue for the quarter totalled $2.86 billion, up from $1.99 billion in the same quarter last year.
In its outlook, Teck says it now expects its 2024 copper production to amount to 420,000 to 455,000 tonnes, down from earlier guidance for 435,000 to 500,000 tonnes. The company also lowered its 2024 guidance for molybdenum and refined zinc production and reduced its expectations for zinc net cash unit costs.
On an adjusted basis, Teck says it earned 60 cents per diluted share for its latest quarter, up from an adjusted profit of 16 cents per diluted share a year earlier.
The average analyst estimate had been for a profit of 37 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 24, 2024.
Companies in this story: (TSX:TECK.B)
