Teck Resources (TSX: TECK.B) has reported its Q1 2025 financials, with quarterly revenue surged 41% year-over-year to $2.29 billion, up from $1.62 billion in Q1 2024.
Gross profit more than tripled to $536 million from just $169 million a year ago. Teck attributes this spike primarily to a favorable pricing environment and higher sales volumes in copper and zinc.
Net income from continuing operations rebounded to $370 million versus a loss of $125 million in the prior year. Adjusted profit from continuing operations stood at $303 million, compared to a mere $6 million loss in Q1 2024.
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Adjusted EPS hit $0.60, a substantial turnaround from negative territory last year. Adjusted EBITDA followed suit, climbing to $927 million—more than double the $409 million reported in Q1 2024.
The company closed the quarter with a net cash position of $764 million and $5.8 billion in cash balance. Shareholder returns came in with $505 million in share buybacks year-to-date, with $1.75 billion completed under a $3.25 billion program.
Copper production rose 7% year-over-year to 106,100 tonnes. However, Quebrada Blanca’s output of 42,300 tonnes was marred by an extended shutdown and weather impacts. Meanwhile, Red Dog overdelivered on zinc, selling 90,800 tonnes—above guidance—pushing gross profit in the zinc segment to C$193 million, a 94% surge from Q1 2024.
Teck reaffirmed its 2025 production guidance—490–565kt for copper and 525–575kt for zinc—but execution remains a concern. Copper net cash unit costs are guided at US$1.65–1.95/lb.
Teck Resources last traded at $50.16 on the TSX.
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