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Teck Resources (TECK) & Oldendorff Ink Deal to Lower Emissions
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Teck Resources Limited (TECK - Free Report) announced that it has signed an agreement with Oldendorff Carriers GmbH & Co. KG to deploy wind propulsion in Teck's supply chain to further minimize CO2 emissions. This collaboration aims to outfit the vessel Dietrich Oldendorff, responsible for transporting Teck's steelmaking coal from the Port of Vancouver, with a Flettner Rotor system by mid-2024. As a result, it will lower the company's carbon footprint and aid in green transportation corridor development.
Flettner Rotors, which are meant to harness wind energy, will turn it into additional thrust, effectively reducing fuel use during Pacific cruises. The rotors are constructed in part from recycled materials from roughly 342,000 plastic bottles and manufactured by Norsepower.
These rotors, when paired with other emission-cutting measures, are expected to reduce emissions by 55%, resulting in an annual reduction of more than 17,000 tons of CO2. This is equivalent to removing 3,500 gasoline-powered passenger vehicles from the road.
Teck and Oldendorff announced their agreement to employ energy-efficient bulk carriers for shipments in November 2021. Since then, they have eliminated an estimated 115,000 tons of CO2 emissions. Teck and Oldendorff are also testing the use of biofuel on another bulk carrier to reduce emissions.
TECK intends to reduce the carbon intensity of operations by 33% by 2030 and become a net-zero operator by 2050.
Teck Resources reported third-quarter 2023 adjusted earnings per share (EPS) of 57 cents, missing the Zacks Consensus Estimate of EPS of 77 cents. The bottom line plunged 57% from the prior-year quarter. Net sales amounted to $2.68 billion, indicating a 25% year-over-year decline. The top line also missed the Zacks Consensus Estimate of $2.77 billion.
Price Performance
Shares of Teck Resources have gained 1.9% in the past year compared with the industry's 7.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Axalta Coating Systems Ltd. (AXTA - Free Report) , Universal Stainless & Alloy Products, Inc. and The Andersons Inc. (ANDE - Free Report) . AXTA sports a Zacks Rank #1 (Strong Buy), and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Axalta Coating’s 2023 earnings is pegged at 44 cents per share. The consensus estimate for 2023 earnings has moved 23% north in the past 60 days. Its shares have risen 15.7% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares have surged 96% in the past year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.
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Teck Resources (TECK) & Oldendorff Ink Deal to Lower Emissions
Teck Resources Limited (TECK - Free Report) announced that it has signed an agreement with Oldendorff Carriers GmbH & Co. KG to deploy wind propulsion in Teck's supply chain to further minimize CO2 emissions. This collaboration aims to outfit the vessel Dietrich Oldendorff, responsible for transporting Teck's steelmaking coal from the Port of Vancouver, with a Flettner Rotor system by mid-2024. As a result, it will lower the company's carbon footprint and aid in green transportation corridor development.
Flettner Rotors, which are meant to harness wind energy, will turn it into additional thrust, effectively reducing fuel use during Pacific cruises. The rotors are constructed in part from recycled materials from roughly 342,000 plastic bottles and manufactured by Norsepower.
These rotors, when paired with other emission-cutting measures, are expected to reduce emissions by 55%, resulting in an annual reduction of more than 17,000 tons of CO2. This is equivalent to removing 3,500 gasoline-powered passenger vehicles from the road.
Teck and Oldendorff announced their agreement to employ energy-efficient bulk carriers for shipments in November 2021. Since then, they have eliminated an estimated 115,000 tons of CO2 emissions. Teck and Oldendorff are also testing the use of biofuel on another bulk carrier to reduce emissions.
TECK intends to reduce the carbon intensity of operations by 33% by 2030 and become a net-zero operator by 2050.
Teck Resources reported third-quarter 2023 adjusted earnings per share (EPS) of 57 cents, missing the Zacks Consensus Estimate of EPS of 77 cents. The bottom line plunged 57% from the prior-year quarter. Net sales amounted to $2.68 billion, indicating a 25% year-over-year decline. The top line also missed the Zacks Consensus Estimate of $2.77 billion.
Price Performance
Shares of Teck Resources have gained 1.9% in the past year compared with the industry's 7.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Axalta Coating Systems Ltd. (AXTA - Free Report) , Universal Stainless & Alloy Products, Inc. and The Andersons Inc. (ANDE - Free Report) . AXTA sports a Zacks Rank #1 (Strong Buy), and USAP and ANDE each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Axalta Coating’s 2023 earnings is pegged at 44 cents per share. The consensus estimate for 2023 earnings has moved 23% north in the past 60 days. Its shares have risen 15.7% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares have surged 96% in the past year.
The consensus estimate for ANDE's current-year earnings has been revised 3.3% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average. ANDE shares have rallied around 32% in a year.