April 24, 2018 / 7:38 AM / a month ago

Canada's Teck Resources profit beats as sales volumes climb

(Reuters) - Canada’s Teck Resources Ltd TCKb.TO TCK.N, the world’s second-biggest exporter of steelmaking coal, reported on Tuesday higher-than-expected adjusted first-quarter earnings as sales volumes climbed.

Steelmaking 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 in 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 percent from a year earlier, said the company, which also mines zinc and gold.

Adjusted profit attributable to shareholders rose 15 percent to C$753 million ($586.4 million) or C$1.31 per share in the first quarter.

Analysts on average were expecting adjusted earnings of C$1.26 per share, according to Thomson Reuters I/B/E/S.

($1 = 1.2841 Canadian dollars)

Reporting by Nicole Mordant in Vancouver and Shalini Nagarajan in Bengaluru; Editing by Amrutha Gayathri

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