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Industrial metals issue Teck Cominco Limited (NYSE: TCK) is on the upswing following the release of its first-quarter earnings.
The company reported net income of C$241 million, or 50 Canadian cents per share; on an adjusted basis, earnings arrived at 47 cents per share, falling slightly short of analysts' predictions for 51 cents per share. Revenue for the period rose to C$1.71 billion.
Included in the report were several warnings. "It is difficult to forecast coal sales volumes at this stage in the economic cycle and their effect on results for the coming year is uncertain at this time," confessed TCK. For 2009, the firm tentatively expects to sell between 18 and 20 million tons of coal.
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