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Teck Resources Ltd. (TECK - Free Report) provided an update on its fourth-quarter 2022 steelmaking coal sales volumes and realized prices.
TECKs’ steelmaking coal sales were 4.3 million tons in the December-end quarter, lower than the 5.1 million reported in the year-ago quarter. The figure also came below the company’s guidance between 5 million and 5.4 million tons.
The company stated that the lower-than-expected sales volumes were due to extreme cold weather in western Canada in December, which affected rail performance, rail car unloading, and overall port performance.
The average realized steelmaking coal price for the quarter under review was $278 per ton. This compares with $351 per ton in the fourth quarter of 2021. TECK expects to report provisional pricing adjustments of negative $10 million in its fourth quarter 2022 results. Overall, lower steelmaking volumes and declining metal prices (copper, zinc, gold and silver) are likely to affect Teck Resources’ fourth-quarter results, scheduled to be reported on Feb 21, 2023.
In the last reported quarter, Teck Resources reported steelmaking coal sales of 5.6 million tons, marking a 5% decline from the third quarter of 2021. Realized steelmaking coal prices, however, improved 28% year over year to an average of $304 per ton in the quarter. The total revenues for the company’s September-end quarter were $3.6 billion, up from the year-ago quarter’s revenues of $3.1 billion. The company reported adjusted earnings per share of $1.33. This compares with earnings of $1.49 per share in the third quarter of 2021.
The Zacks Consensus Estimate for TECK’s fourth-quarter 2022 sales is pegged at $2.59 billion, suggesting a decline of 25.9% from the prior-year quarter’s reported figure. The same for earnings is pegged at 96 cents, indicating a decline of 52.5% from $2.02 reported in the year-ago quarter.
Price Performance
Shares of Teck Resources have gained 23.7% in the past year against the industry's decline of 2.5%.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Teck Resources currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $14.08, suggesting 417.7% growth from the year-ago reported figure. Earnings estimates have moved 73.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 31.4% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 26.7% in a year.
The Zacks Consensus Estimate for Franco-Nevada’s 2022 earnings per share is pegged at $3.67, suggesting 4.3% growth from the year-ago reported figure. Earnings estimates have moved 4.2% north in the past 60 days. FNV has a trailing four-quarter earnings surprise of 1.3%, on average. Its shares have gained 8.1% in the past year.
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Teck Resources (TECK) Q4 Steelmaking Coal Sales Decline Y/Y
Teck Resources Ltd. (TECK - Free Report) provided an update on its fourth-quarter 2022 steelmaking coal sales volumes and realized prices.
TECKs’ steelmaking coal sales were 4.3 million tons in the December-end quarter, lower than the 5.1 million reported in the year-ago quarter. The figure also came below the company’s guidance between 5 million and 5.4 million tons.
The company stated that the lower-than-expected sales volumes were due to extreme cold weather in western Canada in December, which affected rail performance, rail car unloading, and overall port performance.
The average realized steelmaking coal price for the quarter under review was $278 per ton. This compares with $351 per ton in the fourth quarter of 2021. TECK expects to report provisional pricing adjustments of negative $10 million in its fourth quarter 2022 results. Overall, lower steelmaking volumes and declining metal prices (copper, zinc, gold and silver) are likely to affect Teck Resources’ fourth-quarter results, scheduled to be reported on Feb 21, 2023.
In the last reported quarter, Teck Resources reported steelmaking coal sales of 5.6 million tons, marking a 5% decline from the third quarter of 2021. Realized steelmaking coal prices, however, improved 28% year over year to an average of $304 per ton in the quarter. The total revenues for the company’s September-end quarter were $3.6 billion, up from the year-ago quarter’s revenues of $3.1 billion. The company reported adjusted earnings per share of $1.33. This compares with earnings of $1.49 per share in the third quarter of 2021.
The Zacks Consensus Estimate for TECK’s fourth-quarter 2022 sales is pegged at $2.59 billion, suggesting a decline of 25.9% from the prior-year quarter’s reported figure. The same for earnings is pegged at 96 cents, indicating a decline of 52.5% from $2.02 reported in the year-ago quarter.
Price Performance
Shares of Teck Resources have gained 23.7% in the past year against the industry's decline of 2.5%.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Teck Resources currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are CalMaine Foods, Inc. (CALM - Free Report) , Reliance Steel & Aluminum Co. (RS - Free Report) and Franco-Nevada Corporation (FNV - Free Report) . CALM and RS currently flaunt a Zacks Rank #1 (Strong Buy) and FNV carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $14.08, suggesting 417.7% growth from the year-ago reported figure. Earnings estimates have moved 73.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 31.4% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $28.65 for 2022, indicating a year-over-year growth rate of 29.5%. Earnings estimates have been revised 0.2% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.6%, on average. The company has gained 26.7% in a year.
The Zacks Consensus Estimate for Franco-Nevada’s 2022 earnings per share is pegged at $3.67, suggesting 4.3% growth from the year-ago reported figure. Earnings estimates have moved 4.2% north in the past 60 days. FNV has a trailing four-quarter earnings surprise of 1.3%, on average. Its shares have gained 8.1% in the past year.