B.C.’s largest mining company posted record annual revenue and record annual profit in 2010, but fell short of analyst expectations.
Teck Resources Inc. (TSX:TCK.b; NYSE:TCK) announced today that it had increased profit 36% to $1.5 billion and revenue 21.7% to $9.3 billion in 2010.
Fourth quarter success was even more impressive. The copper, coal and zinc producer saw earnings jump 76% to $548 million and sales increase 29.6% to $2.8 billion in the quarter that ended on December 31.
Those earnings translate into $0.93 cents per share, which was 25.8% less than the consensus estimate of analysts.
"We are reporting record revenues, record annual operating profits and an increase in both copper and coal production," CEO Don Lindsay said in a release. “Our balance sheet was significantly strengthened as a result of a further $3.1 billion reduction in our debt and, through our refinancing, we significantly reduced our interest costs.”
Teck Resources’ share price range during the past week: between $63.70 and $61.76; 52-week high $64.62; 52-week low $30.25.