11:17 AM EDT, 10/24/2024 (MT Newswires) -- (Adds detail and analyst comment.)

Teck Resources (TECK-B.TO, TECK) was last seen down 6.8% after the company on Thursday after the company reported a third-quarter profit that topped estimates but again lowered its guidance for copper production.

Teck said its third-quarter adjusted earnings from operations, excluding most one-time items, rose to $314 million, or $0.60 per share, up from $85 million, or $0.16 , a year earlier. The consensus estimate for the measure from analysts polled by Capital IQ expected a $0.38 per share profit.

Revenue for the quarter ended Sept. 30 was $2.86 billion, up 44% from $1.99 billion a year earlier. Analysts surveyed by Capital IQ expected $2.76 billion.

But Teck cut its full year copper production forecast for the second time in a row. It also reduced the top end of its 2024 copper production guidance for the Quebrada Blanca (QB) mine in Chile. Teck now sees full-year copper production of 420,000-455,000 tons, compared with the previous guidance of 435,000-500,000 tons.

National Bank of Canada maintained its outperform rating and $90.00 price target on the company's shares following the news.

Teck's Class B shares were last seen down $4.69 to $63.89 on the Toronto Stock Exchange.

Price: 63.95, Change: -4.63, Percent Change: -6.75