Favourable commodity prices and a focus on cost control last year drove revenue and cash flow from Teck Resources‘ (TSX: TECK.B; NYSE: TECK) operations into record territory.
The company reported revenue of $12.1 billion, up from $9.3 billion in 2016, along with cash flow from operations of $5.1 billion, up from $3.1 billion in 2016.
“This exceeds the record we set in 2011 when commodity prices for both steel-making coal and copper were significantly higher,” Don Lindsay, Teck’s president and CEO, told analysts and investors on a conference call. “This serves to reinforce the results of our ongoing focus on cost control and on optimizing production from our core assets. Most importantly, we set this record while also sign improving our safety and environmental performance.”
The full year results saw Teck’s adjusted profit attributable to shareholders surge to $2.6 billion, or $4.45 per share, from to $1.1 billion, or $1.91 per share, in 2016.
In addition, the company’s liquidity remains strong, standing at $4.8 billion, which includes US$3 billion of undrawn, committed credit facilities and $1 billion in cash as of Feb. 13.
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