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Mar 31
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Teck Q1 2025 Earnings Report
Teck Resources reported strong first-quarter results for 2025, with significant improvements in profitability driven by higher commodity prices and increased sales volumes.
Key Takeaways
Teck delivered a robust Q1 2025 performance with EPS of $0.43 and revenue of $1.65 billion. Net income turned positive year-over-year due to increased copper and zinc prices and improved operational efficiencies.
Adjusted EBITDA more than doubled to $927 million compared to Q1 2024.
Net income from continuing operations reached $370 million.
Copper production rose 7% to 106,100 tonnes.
Liquidity stood strong at $10 billion, including $5.8 billion in cash.
Teck
Teck
Teck Revenue by Segment
Revenue by Segment
Copper segment Revenue
CapyFin.comZinc segment Revenue
CapyFin.com Forward Guidance
Teck maintained its previously disclosed 2025 guidance ranges with production expected toward the lower end due to planned maintenance shutdowns.
Positive Outlook
- Copper production guidance for 2025 remains at 230,000–270,000 tonnes.
- Zinc production expected between 525,000–575,000 tonnes.
- Refined zinc guidance range stays at 190,000–230,000 tonnes.
- Unit costs for copper expected at US$1.80–$2.15/lb.
- All labor agreements at QB are secured through 2028.
Challenges Ahead
- Extended shutdowns planned in Q2 and Q3 to address tailings facility development.
- Challenging weather delayed tailings lifts and reduced asset utilization at QB.
- National power outage in Chile caused several days of downtime at QB.
- Sand deposition delays affected tailings management facility timelines.
- Higher costs expected to push unit costs to the upper end of guidance range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income