{"id":1097568,"date":"2019-02-01T11:25:14","date_gmt":"2019-02-01T11:25:14","guid":{"rendered":"http:\/\/www.mining.com\/?p=967352"},"modified":"2019-02-01T11:25:14","modified_gmt":"2019-02-01T11:25:14","slug":"teck-resources-flags-fourth-quarter-profit-coming-below-estimates","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1097568","title":{"rendered":"Teck Resources flags fourth-quarter profit coming below estimates"},"content":{"rendered":"<p>Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada\u2019s largest\u00a0diversified miner, <a href=\"https:\/\/www.teck.com\/news\/news-releases\/2019\/teck-fourth-quarter-2018-financial-results-expected-to-be-below-current-consensus-estimates\"  rel=\"noopener\">announced late on Thursday<\/a> it expected fourth-quarter profit to be significantly below estimates, due mainly to the low price of Canadian oil at the end of 2018, issues at its operations in Trail, B.C., and a decline in commodity prices.<\/p>\n<p>The Vancouver-based mining giant\u00a0said all those factors combines plus inventory valuations, would reduce its earnings for the period \u00a0by C$0.30 per share , while earnings before interest, tax, depreciation and amortization (EBITDA) will be down by C$195 million (about $148m).<\/p>\n<p><q class='pullQuote-right'>Low price of Canadian oil at the end of 2018, issues at its operations in Trail, B.C., and a decline in commodity prices weighed in the miner&#8217;s Q4 results.<\/q><\/p>\n<p>Teck says it expects a loss of 15 cents per share in its energy business unit due to the low price for Western Canadian Select oil, which dropped from $29.80 per barrel in early October to a low of $6.42 in late November, before ending the year at $24.66.<\/p>\n<p>Canadian oil has climbed this year helped by <a href=\"http:\/\/www.mining.com\/suncor-energy-weighing-impact-albertas-mandatory-oil-production-cuts-next-year\/\"  rel=\"noopener\">mandatory production limits by the Alberta government<\/a> and is now\u00a0more than $40 per barrel.<\/p>\n<p>The miner\u2019s Trail Operations, in turn, faced ongoing supply interruptions from some traditional third-party suppliers in the three months to the end of December,\u00a0it said. \u00a0As a result, the company expects a loss of 5 cents per share, which adds to a charge of 10 cents per share due to weak commodity prices in the fourth quarter.<\/p>\n<p>The company\u00a0will record pre-tax inventory write-downs totalling C$80 million (about $61m) due to a decline in commodity prices during the fourth quarter, it added.<\/p>\n<p>Teck had reported <a href=\"http:\/\/www.mining.com\/web\/teck-resources-adjusted-earnings-fall-low-commodity-prices\/\"  rel=\"noopener\">lower-than-expected third-quarter<\/a> earnings, hit by declining commodity prices and higher costs.\u00a0Full financial results will be announced on Feb. 13.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/teck-resources-flags-fourth-quarter-profit-coming-estimates\/\">Teck Resources flags fourth-quarter profit coming below estimates<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada&rsquo;s largest&nbsp;diversified mine expects profit for the period to be significantly below estimates, due mainly to the low oil prices at the end of 2018, issues at its operations in Trail, B.C., and a decline in commodity prices.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/teck-resources-flags-fourth-quarter-profit-coming-estimates\/\">Teck Resources flags fourth-quarter profit coming below estimates<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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