11:58 AM EDT, 04/25/2024 (MT Newswires) -- Teck Resources (TECK-B.TO) on Thursday reported a steep drop in first-quarter earnings that missed the S&P Capital IQ consensus.

Adjusted 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 fell to $392 million from $930 million. Revenue increased to $3.9 billion from $3.79 billion.

Copper production increased 74% to 99,000 tonnes in the first quarter, with its Quebrada Blanca (QB) mine in Chile producing 43,300 tonnes. Production at the company's QB operation was higher than the fourth quarter of 2023 as the ramp up of an expansion of the mine 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 QB2 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's Class B shares were last seen up C$4.58 to C$66.81 on the Toronto Stock Exchange.

Price: 66.83, Change: +4.60, Percent Change: +7.39