Teck Resources (TECK) Falls 6% on Lower Growth Outlook

We recently published These 10 Stocks Have Collapsed. Teck Resources Limited (NYSE:TECK) is one of the worst-performing stocks on Friday.

Teck Resources dropped its share prices by 6.04 percent on Friday, the third day, to close at $33 apiece as investor sentiment was dampened by a lower revised outlook for the rest of the year.

In a statement following the release of its second quarter earnings performance, Teck Resources Limited (NYSE:TECK) reduced its production outlook for copper and molybdenum amid challenges on tailings management facility (TMF) development work, which largely impacts its production performance.

Photo by Shane Cottle on Unsplash

For the rest of the year, Teck Resources Limited (NYSE:TECK) said that annual copper production guidance was lowered to 470,000-525,000 tons from 490,000-565,000 tons previously.

Meanwhile, annual molybdenum production was lowered markedly to 3,800-5,400 from 5,100-7,400 tons prior.

In the second quarter of the year, Teck Resources Limited (NYSE:TECK) expanded its net income from continuing operations attributable to shareholders by 881 percent to CA$206 million from CA$21 million in the same period last year.

Revenues increased by 12 percent to CA$2.02 billion from CA$1.8 billion year-on-year.