Tuesday, July 27, 2010

Teck (NYSE:TCK) Reports Earnings and Revenue Growth for Second Quarter

Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) improved over the second quarter last year, as they generated earnings of $260 million, or 44 cents a share, and revenue grew to $2.11 billion, up significantly from $1.7 billion last year during the same quarter.

Earnings were down in constrast to last year because of some favorable foreign exchange gains which pushed profits up in 2009. "Earnings in the second quarter of 2009 included a $413 million after-tax foreign exchange gain on our US dollar denominated debt compared with a $42 million exchange loss in 2010," the company said in a press release.

Teck president and chief executive Don Lindsay said in a statement, "Our second quarter benefited from a substantial increase in coal sales to 6.4 million tonnes and the higher benchmark prices negotiated for the second quarter.

"In addition, in the quarter we re-established our investment grade credit ratings from all of the major rating agencies and declared a semi-annual dividend of 20 cents per share."

Teck sold its Araguaia nickel project in Brazil to Horizonte (LON:HZM) while taking a 50 percent stake in the company.

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