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Teck Resources Adds 9% On Higher Quarterly Profit

Shares of Canadian mining company Teck Resources Limited (TECK) are rising more than 10% in the morning trade on Wednesday following surge in first-quarter profit helped by high commodity prices.

Profit for the first quarter increased to a quarterly record at C$1.571 billion or $2.87 per share from C$326 million or C$0.57 per share in the same quarter a year ago.

Adjusted profit was C$1.62 billion or $2.96 per share.

Revenue for the quarter increased nearly 100% to C$5.032 billion from C$2.547 billion last year.

Teck Resources declared a dividend of C$0.125 per share to be paid on June 30, to shareholders of record at the close of business on June 15.

Further, the company announced an additional share buy back of up to $500 million of Class B subordinate voting shares, on top of previously-declared $635 million in aggregate of dividends and share repurchases for 2022.

TECK, currently at $38.38, has traded in the range of $19.32-$44.93 in the past 52 weeks.

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