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Jun 30, 2025
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Teck Q2 2025 Earnings Report
Teck reported stronger profitability in Q2 2025 driven by improved Trail Operations performance and higher zinc segment earnings despite lower copper and zinc prices.
Key Takeaways
Teck delivered solid Q2 2025 results with higher revenue and profitability, supported by strong Trail Operations, increased by-product revenues, and a robust liquidity position.
Revenue increased to CAD 2.02 billion from CAD 1.80 billion last year.
Net income rose to CAD 206 million, driven by Trail Operations and lower smelter processing charges.
Copper production was 109,100 tonnes, with gross profit from copper at CAD 328 million.
Liquidity remained strong at CAD 8.9 billion, including CAD 4.8 billion in cash.
Revenue by Segment
Forward Guidance
Teck revised its 2025 copper production guidance downward due to QB ramp-up challenges and higher operating costs but remains optimistic on achieving design throughput by year-end.
Positive Outlook
- HVC MLE project sanctioned, extending Highland Valley Copper mine life to 2046.
- Improved mill throughput and by-product revenues expected at QB.
- Molybdenum plant ramp-up showing strong progress.
- Red Dog shipping season to boost Q3 sales.
- Strong liquidity to support capital projects and shareholder returns.
Challenges Ahead
- Lower annual copper production guidance due to QB operational constraints.
- Higher copper net cash unit costs from alternative shipping arrangements.
- Potential additional downtime at QB due to TMF development.
- Higher sustaining capital expenditure guidance for copper.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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