Teck Resources Posts Lower Q4 Profit

Canada's

reported weaker-than-expected fourth-quarter earnings. Teck's quarterly net profit attributable to shareholders slipped to C$129 million ($102.7 million), or 0.23 Canadian cents a share, from C232 million, in the year-ago period. Its adjusted profit dropped to 20 Canadian cents a share from 40 Canadian cents a share. However, analysts expected a profit of 22 Canadian cents a share. Its revenue declined 5% to C$2.26 billion, versus analysts' expectations of C$2.23 billion. Its operating costs gained around 1% to C$888 million. Gross profit before depreciation and amortization fell to $757 million from $875 million. Teck ended the year with a cash balance of $2.0 billion. "Although 2014 was a challenging year with significantly lower prices for some of our key products, our operations performed well, setting various production records and generating positive cash flows at all sites," said Don Lindsay, President and CEO. "We continued to focus on conserving cash and maintaining a strong financial position." Teck shares fell 1.90% to close at $13.94 yesterday.