Teck Resources Q1 EPS Flat, Cuts Dividend - Quick Facts

(RTTNews) - Teck Resources Ltd. (TCK_A.TO, TCK) Tuesday said attributable profit for the first quarter slipped to C$68 million or C$0.12 per share from C$69 million or C$0.12 per share a year ago.

Adjusted earnings were C$0.11 per share, while it totaled C$0.18 per share last year.

The company achieved record first quarter coal sales and production of 6.8 million tonnes.

Don Lindsay, President and CEO, said, "Our ongoing focus on cost management and operational performance, aided by the strong U.S. dollar, is enabling our diversified business to withstand the generally weak commodity price environment, allowing all of our operations to generate positive operating cash flows after our sustaining capital spending."

The company expects coal sales in the second quarter of 2015 to be around 6 million tonnes. Although demand remains good outside of China, downward trending price assessments may be delaying purchasing decisions in other markets, which could affect sales for the quarter.

Earlier today, the company announced an eligible dividend of C$0.15 per share on its outstanding Class A common and Class B subordinate voting shares to be paid on July 2, 2015. In November 2014, the company declared dividend of C$0.45 per share.

Teck today said the reduction brings the dividend payout and yield more in line with current commodity prices and outlook.