Canada's largest diversified miner, Teck Resources Ltd, said Thursday that its third-quarter adjusted profit fell 23% due to falling prices for its main products.
Teck, the world's second largest exporter of steel coal, reported adjusted earnings fell to CAD 466 million (about $ 357.6 million) or $ 0.81 per share during July-September from $ 605 million. US dollars and 1.05 US dollars per share a year earlier.
Falling base metal prices, downward price adjustments, declining sales of steel coal and a cutback in Trail's production due to severe wildfires have lowered adjusted earnings, Teck Resources said in a statement.
Analysts were expecting earnings of $ 0.94 per share, according to consultancy Refinitiv.
Overall, according to Teck, revenue increased 4.4% year-over-year to 3.21 billion.
The company, which also produces copper, zinc, gold and bitumen, said it expects fourth-quarter steel sales to remain in line with the third quarter of 6.7 million tonnes.
The average realized price of steel coal rose 10% in the third quarter to $ 172 per tonne, the company said.
Teck Resources: Adjusted Profit Falls On Low Raw Material Prices
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