- Teck Resources (TCK -5.8%) falls sharply after reporting a 44% drop in unadjusted Q4 earnings due to weak commodity prices, but production of coking coal, copper and zinc rose while costs continued to decline.
- Copper production hit a quarterly record of 105K metric tons, but TCK's realized price fell 10% Y/Y; realized prices for coal slipped 11% and zinc fell 2%.
- TD Securities says TCK's 2014 capital spending guidance of $2.6B exceeded the firm's expectations of $2.1B, suggesting TCK will be "substantially" more free cash flow negative this year than projected, though the weaker Canadian dollar could mitigate the impact of the higher spending.
Teck Resources -5.8% as profit plunges on weaker copper, coal prices
Feb 13 2014, 11:39 ET