Teck Resources Q4 Profit Plunges; Backs FY23 Production Outlook

(RTTNews) - Teck Resources Ltd. (TECK, TECK_A.TO, TECK_B.TO) reported Tuesday that fourth-quarter profit attributable to shareholders plunged to C$247 million or C$0.47 per share from C$1.53 billion or C$2.83 per share last year.

Excluding items, adjusted profit attributable to shareholders was C$558 million or C$1.07 per share, compared to last year's profit of C$1.38 billion or C$2.54 per share.

Revenue for the quarter declined to C$3.14 billion from C$4.20 billion a year earlier.

On Saturday, the Board approved a $0.625 per share dividend, including a $0.50 per share supplemental dividend, payable on March 31, 2023 to shareholders of record on March 15, 2023, and authorized up to a $250 million share buyback.

Separately, Teck Resources announced the reorganization of its business to separate Teck into two independent, publicly-listed companies: Teck Metals Corp. and Elk Valley Resources Ltd.

Looking ahead for fiscal 2023, the company continues to project Copper production of 390 thousand tonnes to 445 thousand tonnes, and Zinc production of 645 thousand tonnes to 685 thousand tonnes.

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