Teck earnings slide in second quarter

Jul 24, 2014 | 03:48 PM | Saranya Kapur

Tags  Teck Resources, copper, zinc, earnings report, London Metal Exchange, Dale Andres, Highland Valley, Pend Oreille Red Dog

NEW YORK — Teck Resources Ltd.’s second-quarter earnings were dented by weaker copper results, but profits from its zinc business surged due in part to stronger sales and higher pricing.

The Vancouver, British Columbia-based company posted net income of Canadian $80 million ($74.4 million) for the three months ended June 30, down 44.1 percent from the same period last year on sales that slid 6.6 percent to $2.01 billion ($1.87 billion).

The company’s gross profit on copper totaled C$160 million ($148.9 million) in the second quarter, down 33.3 percent from $240 million a year earlier, while gross profit on zinc jumped 77.8 percent to C$112 million ($104.2 million) from C$63 million. ....

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