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Teck Resources beats Q2 earnings estimates on higher coal prices

  • Teck Resources (NYSE:TECK+0.7% premarket after Q2 earnings of C$1.12/share beat analyst consensus by $0.07 and revenues of C$3.02B rose more than 6% Y/Y, as higher prices more than offset lower than expected sales of steelmaking coal.
  • Teck's Q2 coal sales volume of 6.6M metric tons slightly missed the company’s April forecast of 6.7M metric tons, but the company's average realized price of steelmaking coal rose 9.6% to $183/ton.
  • Teck maintains its FY 2018 steelmaking coal production guidance of 26M-27M metric tons but expects the result to come in near the lower end of the range; for Q3, Teck expects sales volumes of ~6.8M tons.
  • Teck says it is seeking an additional partner for its Quebrada Blanca Phase 2 copper project in Chile, aiming to sell a 30%-40% stake, and it expects to announce a deal during Q4.
  • The company also names Dominic Barton as its new chairman, as Norman Keevil will retire effective Oct. 1.

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