Teck Resources Q2 Profit Down - Quick Facts

(RTTNews) - Teck Resources Limited (TCK, TCK_A.TO, TCK_B.TO) reported that its second quarter profit attributable to shareholders was C$143 million, or C$0.25 per share, down from C$354 million or C$0.60 per share in the same period last year.

Adjusted profit was C$197 million, or C$0.34 per share, in the second quarter of 2013 compared with C$398 million, or C$0.68 per share, in the same period a year ago. The decline in adjusted profit was primarily due to lower prices for principal products, especially for coal. Partly offsetting the price declines were reduced operating costs resulting from our cost reduction program and lower finance expenses.

Revenues from operations were C$2.2 billion in the second quarter compared with C$2.6 billion a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of C$0.31 per share and revenues of C$2.08 billion for the quarter. Analysts' estimates typically exclude special items.

The company said its forecast of capital expenditures for 2013 is now approximately C$1.85 billion, and could be further reduced as it continues to review these items. This is lower than its previous guidance of C$2.0 billion. Reductions to sustaining capital will have a greater effect in 2014 than in 2013 due to lead times and existing commitments. The company is currently targeting sustaining capital expenditures of C$500 million in 2014.