(Vancouver) Teck Resources on Thursday posted profit attributable to shareholders of nearly $1.49 billion for its fourth quarter, which compared with a loss of $464 million for the same period a year earlier.
The Vancouver miner attributed the improvement to strong commodity prices.
Teck said its earnings per share reached $2.74 for the quarter ended Dec. 31, compared to a loss per share of 87 cents for the last three months of 2020.
Quarterly revenue totaled 4.41 billion, up from 2.56 billion recorded in the same quarter a year earlier.
Excluding one-time items, Teck said it earned $2.54 per share in the most recent quarter, compared to an adjusted profit of 46 cents per share in the fourth quarter of 2020.
Analysts on average had expected adjusted earnings of $2.38 per share in the most recent quarter, along with revenue of $4.44 billion, according to forecasts compiled by financial data firm Refinitiv.
Separately, Teck announced on Wednesday that it was increasing its base annual dividend to 50 cents per share from 20 cents per share previously. The company has also indicated that it intends to buy back up to 100 million of its shares. It will ultimately pay a dividend of 62.5 cents per share made up of its base quarterly dividend of 12.5 cents, plus an additional dividend of 50 cents per share for the fourth quarter.