Shares of Teck Resources Ltd (TECK) plummeted 5% in Friday's trading session, following the release of the company's disappointing full-year 2024 financial results.
The Canadian mining giant reported a 40% decline in revenue for 2024 to CA$9.07 billion compared to the previous year. More significantly, Teck Resources swung to a net loss of CA$800 million, a stark contrast from the CA$2.44 billion profit recorded in 2023. Earnings per share also missed analyst expectations, coming in at a loss of CA$1.55 per share.
The underperformance in Teck Resources' 2024 financials, driven by challenges in the metals and mining industry, has weighed heavily on investor sentiment. While analysts had projected an 8.1% revenue growth for the company over the next three years, the unexpected losses have cast doubt on the company's growth prospects in the near term.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.