Teck Resources (TECK) Reports Q4 EPS of Cdn$0.47 on Revenues of Cdn$2.56B
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Teck Resources (NYSE: TECK) reported Q4 EPS of Cdn$0.47, versus Cdn$0.40 reported last year. Revenue for the quarter came in at Cdn$2.56 billion, versus Cdn$2.66 billion reported last year.
- Adjusted profit attributable to shareholders(1) (2) of $248 million or $0.47 per share in Q4 2020 and $561 million or $1.05 per share for the year.
- Adjusted EBITDA(1) (2) of $839 million in Q4 2020 and $2.6 billion for the year.
- The QB2 project met our target of 40% overall completion at the end of 2020, with our on-site workforce ramped back up to pre-COVID-19 construction levels.
- Our copper business unit had a strong Q4 2020, supported by an increase in copper prices. Copper production in the quarter was 78,100 tonnes with net cash unit costs(1)(2) of US$1.27 per pound sold.
- Adjusted site cash cost of sales(1) (2) in Q4 2020 in our steelmaking coal business of $58 per tonne down $9 per tonne compared to Q3 2020.
- Steelmaking coal sales near the top end of our Q4 2020 guidance range at 6.1 million tonnes with nearly 20% of sales to Chinese customers. Subsequent to the end of 2020, FOB Australia pricing levels increased significantly and are currently approximately US$40 per tonne higher than at the start of 2021, and CFR China prices have increased to above US$220 per tonne.
- Exceeded our cost reduction target, realizing more than $1.0 billion in savings as of the end of 2020.
“Without question, 2020 was one of the most challenging years any of us have experienced, as we worked to manage through the global pandemic and its impacts on people, communities and the economy. The Teck team rose to meet that challenge, putting in place comprehensive measures to protect health and safety and ensure we could continue to operate responsibly and progress our strategy to grow copper production and optimize productivity and cost structures at our existing operations,” said Don Lindsay, President and CEO. “In the fourth quarter we delivered the strongest quarterly financial results of 2020, while also outperforming the same period in 2019. As of the end of the year we achieved our target of forty percent overall completion of our QB2 Project which, when operating at full capacity, will double our total consolidated copper production. This, in conjunction with our ongoing focus on reducing costs and deploying RACE21™ technology-driven improvements across our operations, will ensure we are well positioned as the rollout of vaccines and broad-based economic stimulus drive global economic recovery and associated commodity demand.”
For earnings history and earnings-related data on Teck Resources (TECK) click here.
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