07:14 AM EDT, 04/25/2024 (MT Newswires) -- Teck Resources (TECK-B.TO, TECK-A.TO) on Thursday reported a steep drop in first-quarter earnings that missed the S&P Capital IQ consensus.

Adjusted diluted earnings per share from continuing operations for the three months ended March 31 fell 58% to $0.75, down from $1.78 in the year-ago quarter. The result missed the S&P Capital IQ consensus normalized EPS estimate of $0.94 for the quarter.

Adjusted profit from continuing operations attributable to shareholders decreased to $392 million from $930 million. Revenue increased to $4.0 million from $3.8 million.

Copper production increased 74% to 99,000 tonnes in the first quarter, with QB producing 43,300 tonnes. Production at the company's QB operation was higher than the fourth quarter of 2023 as the ramp up moved forward.

Zinc in concentrate production rose 10% to 159,800 tonnes and sales from Red Dog of 84,600 tonnes were within guidance.

Teck also said all outstanding major construction at its QB operation was completed in the first quarter, including the shiploader and molybdenum plant. Teck also made the first shipment of concentrate from the completed port facility.

Teck at last look gained 2% to US$46.35 per share in US pre-market trading on Thursday.