Teck Resources (TECK) Inks Deal With NORDEN to Lower Emission
Teck Resources Limited TECK announced that it teamed up with NORDEN to reduce CO2 emissions in Teck’s steelmaking coal supply chain. This innovative collaboration is intended to cut Scope 3 emissions from the transportation of Teck's steelmaking coal. As a result, it will lower the company's carbon footprint and aid in green transportation corridor development.
NORDEN will handle Teck’s shipments and by employing fuel-efficient ships and alternative fuels, such as biofuel and using advanced data analytics to optimize vessel speed and routing, NORDEN will lower annual emissions of Teck’s shipments by 25%. This reduction of 6,700 tons of CO2 has the same effect as the removal of nearly 1,400 passenger vehicles from the road.
TECK will now be able to build customer-tailored freight emission contracts as a result of this initiative.
The collaboration will benefit from their combined expertise to create unique solutions that assist their customers' aspirations to reduce supply-chain emissions.
TECK intends to reduce the carbon intensity of operations by 33% by 2030 and become a net-zero operator by 2050.
In the second quarter of 2023, Teck Resources reported quarterly earnings of 91 cents per share, missing the Zacks Consensus Estimate of 97 cents. The bottom line declined from the year-ago quarter’s $2.55 per share.
Price Performance
Shares of Teck Resources have lost 4.9% in the past year against the industry's 12.7% growth.
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Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, PPG Industries, Inc. PPG and L.B. Foster Company FSTR. CRS and PPG sport a Zacks Rank #1 (Strong Buy) at present, and FSTR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.23 per share. The consensus estimate for 2023 earnings has moved 12% north in the past 60 days. Its shares gained 54.7% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.3%. PPG’s shares have gained 3.5% in the past year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 25.6% in the last year.
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