Why Teck Resources Stock Is Tanking Today
Shares of Teck Resources (NYSE: TECK) had slumped more than 15% by 3 p.m. EST on Friday. Weighing on the Canadian mining company was its fourth-quarter results and outlook for 2020.
Weak market conditions plagued Teck Resources during the fourth quarter. The mining company only hauled in 122 million Canadian dollars ($92 million), or CA$0.22 per share ($0.17), of adjusted profit. Not only was that well below the CA$500 million ($378 million), or CA$0.87 per share ($0.66), it earned during the year-ago period, but it was also CA$0.17 per share ($0.13) below the analysts' consensus estimate.
The main weak spot was its steelmaking coal operations, where production declined by 8.7%, and pricing plunged 31%. That more than offset the positive impact of improving Canadian oil prices on its energy business.
Source Fool.com
