Weak coal prices cited
Teck Resources (TSX: T.TCK.B, Stock Forum) Thursday announced a sharp decline in its fourth-quarter earnings as a result of coal price weakness, this according to a company news release.
The mining giant said its adjusted profit for the quarter came in at $354 million, or 61 cents a share, compared with $613 million, or $1.04 a share, during the same period last year.
Its revenue for the period slipped 10% to $2.7 billion.
The analyst consensus estimate was for 48 cents per share on $2.55 billion in revenue, according to Thomson Reuters I/B/E/S.
"Our copper production was a record, we continued to increase our steelmaking coal production and we obtained new labour agreements for a number of our operations. However, due to uncertain global economic conditions, prices for all of our major products were down compared to last year, which resulted in lower earnings and cash flows than in 2011," said Teck President and CEO Don Lindsay.
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