Financial Performance - Profit from continuing operations attributable to shareholders was $281 million in Q3 2025, compared to a loss of $748 million in Q3 2024, primarily due to an after-tax impairment charge of $828 million in the previous year[21]. - Adjusted profit from continuing operations attributable to shareholders was $372 million, or $0.76 per share, compared to $314 million, or $0.61 per share, in Q3 2024[24]. - Revenue for Q3 2025 was CAD$3,385 million, a 18.4% increase from CAD$2,858 million in Q3 2024[27]. - Gross profit for Q3 2025 reached CAD$660 million, up 38.0% from CAD$478 million in Q3 2024[27]. - The company declared dividends of CAD$0.125 per share in Q3 2025, down from CAD$0.625 per share in Q3 2024[27]. - The company returned approximately $1.0 billion to shareholders through share buybacks and dividends from January 1 to October 21, 2025, with $205 million returned in Q3 alone[22]. - The company reported a significant increase in gold production at Carmen de Andacollo, rising to 10.0 thousand ounces in Q3 2025 from 6.3 thousand ounces in Q3 2024, an increase of 58.73%[181]. - Total revenue for the nine months ended September 30, 2025, was CAD$7,698 million, compared to CAD$6,279 million for the same period in 2024, marking a 22.7% increase[174]. Production and Sales - Copper production in Q3 2025 was 104,100 tonnes, down from 114,500 tonnes in Q3 2024, with QB production specifically decreasing from 52,500 tonnes to 39,600 tonnes due to ongoing tailings management[21]. - Zinc in concentrate production was 150,500 tonnes in Q3 2025, a 5% decrease from the previous year, attributed to lower production at Red Dog, partially offset by higher output from Antamina[21]. - Copper sales volumes were 110,300 tonnes in Q3 2025, similar to the previous year, while zinc in concentrate sales volumes increased by 14% to 305,700 tonnes[22]. - The global copper concentrate market remains tight, with mine supply disruptions leading to losses exceeding 1 million tonnes of contained copper in Q3 2025[44]. - Total copper production guidance for 2025 is expected to be between 415,000 to 465,000 tonnes, with annual net cash unit costs projected between US$2.05 – $2.30 per pound[67]. - Annual total zinc in concentrate production is expected to be 525,000 to 575,000 tonnes in 2025, decreasing to 275,000 to 325,000 tonnes by 2028[95]. Costs and Expenses - Operating costs for QB in Q3 2025 were US$317 million, an increase of US$7 million year-over-year, driven by higher maintenance and contractor costs[49]. - Operating costs at Antamina in Q3 2025 were US$98 million, an increase of US$6 million from the previous year, attributed to higher labor and diesel costs[56]. - Total operating costs for the third quarter of 2025 totaled CAD$1,363 million, up from CAD$1,206 million in the same quarter of 2024, indicating an increase of 13.0%[176]. - Total cash unit costs including QB were US$2.69 per pound in Q3 2025, up from US$2.60 per pound in the same period last year[60]. - Adjusted cash cost of sales for copper was CAD$3.71 per pound in Q3 2025, compared to CAD$3.25 per pound in Q3 2024, reflecting increased operational costs[212]. Market and Pricing - The average LME copper price increased by 6% to $4.44 per pound, while the average LME zinc price rose by 2% to $1.28 per pound in Q3 2025[21]. - The average realized copper price in Q3 2025 was US$4.45 per pound, compared to US$4.21 per pound in Q3 2024, marking a 5.7% increase[34]. - The average zinc price on the LME in Q3 2025 was US$1.28 per pound, a 7.2% increase from the previous quarter[80]. Strategic Developments - Teck announced a merger agreement with Anglo American plc on September 9, 2025, to form the Anglo Teck group, expected to close within 12-18 months[22]. - The Comprehensive Operational Review led to revised annual production guidance for QB and Highland Valley Copper for 2025-2028, and updated net cash unit cost guidance for 2025 and 2026[22]. - The company is currently assessing the impact of new accounting standards effective from January 1, 2026, on its consolidated financial statements[165][167]. Financial Position - As of September 30, 2025, the company's liquidity was $9.5 billion, including $5.3 billion in cash, reflecting a decrease of $2.8 billion since December 31, 2024[108]. - Total debt as of September 30, 2025, was CAD$5,482 million, with net debt (cash) at CAD$(2,105) million[208]. - The net debt to net debt-plus-equity ratio improved to 1% as of September 30, 2025, compared to a negative 8% at the end of 2024[106].

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $1.2 billion for Q3 2025, representing a 19% increase compared to the same period last year, driven by higher base metals prices and improved operational performance [12][13][9] - The balance sheet remains strong with liquidity of $9.5 billion, including $5.3 billion in cash, and an increase of approximately $500 million in cash during October due to the collection of receivables [21][22] Business Line Data and Key Metrics Changes - In the copper segment, gross profit before depreciation and amortization improved by 23% to $740 million, primarily due to higher base metals prices and lower smelter processing charges [14] - The zinc segment saw a 27% increase in gross profit before depreciation and amortization to $454 million, driven by higher zinc prices and byproduct revenues [17] Market Data and Key Metrics Changes - Red Dog zinc sales reached 273,000 tonnes, exceeding guidance, while the company expects fourth-quarter zinc sales to be between 125,000 to 140,000 tonnes [18][20] - The company anticipates annual copper production of 415,000 to 465,000 tonnes for 2025, with net cash unit costs projected between $2.05 to $2.30 per pound [16] Company Strategy and Development Direction - The merger with Anglo American is positioned as a transformative opportunity to create a global leader in critical minerals and a top five copper producer, with expected annual synergies of $800 million [4][30] - The company is focused on disciplined execution across operations and progressing the merger, while also enhancing operational practices through a comprehensive review [23][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational plans and the potential for significant value creation from the merger, emphasizing the importance of collaboration between the two companies [30][36] - The company is optimistic about the QB asset's potential, with plans to improve sand drainage and ramp up production capabilities by 2027 [26][28] Other Important Information - The company completed $144 million in share buybacks in July but will not execute further buybacks until after the merger closes [12][22] - The company has a strong commitment to safety, with a high potential incident frequency rate of 0.06, which is 50% below the previous year's rate [10] Q&A Session Summary Question: Preliminary discussions with Glencore regarding the JV - Management indicated that discussions regarding synergies between QB and Coyoacci are ongoing and that all parties are motivated to work together to capture value [35][36] Question: Updated guidance for 2025 - Management expects to remain within the guidance ranges for capital expenditures and unit costs, suggesting a midpoint approach for projections [38][39] Question: Engagement with Investment Canada on the merger - Management confirmed ongoing and productive discussions with the Canadian government, emphasizing commitments to capital spending and maintaining headquarters in Canada [66] Question: Value creation from the merger even without the JV - Management affirmed that the merger itself presents significant value creation opportunities, independent of the JV discussions [72][73] Question: Framework for valuing the JV economics - Management acknowledged that discussions regarding the economic split in the JV are forthcoming and will be part of the commercial agreements to be established [75][76]

Market Overview - Pre-market futures are showing a flat trend with a slight downward bias following a record closing high for the Dow on Tuesday [1] - The Dow is down 9 points, S&P 500 is up 3 points, Nasdaq is down 38 points, and Russell 2000 is down 9 points at this hour [1] Federal Reserve Insights - Fed Governor Michael Barr is scheduled to make appearances ahead of the upcoming monetary policy decision from the FOMC [2] - Analysts are nearly unanimous in expecting a 25 basis-point rate cut next Wednesday, which would lower the Fed funds rate to a range of 3.75-4.00% [2] Q3 Earnings Reports - **AT&T (T)**: Reported Q3 earnings of 54 cents per share, missing estimates by 1 cent, with revenues of $30.71 billion, down 0.81% from estimates. Shares are down 1.6% [3] - **Thermo Fisher (TMO)**: Reported earnings of $5.79 per share, beating estimates of $5.50, with revenues of $11.12 billion, exceeding expectations by 2%. Shares are up 2% [4] - **GE Vernova (GEV)**: Reported earnings of $1.64 per share, missing the consensus of $1.78 by 7.87%, but revenues of $9.97 billion were 8.62% higher than anticipated. Shares are up 3.8% [5] - **Teck Resources (TECK)**: Reported earnings of 55 cents per share, surpassing projections by 41%, with revenues of $2.46 billion, exceeding consensus by 14.3%. This company may gain relevance due to rare earth negotiations with China [6] Upcoming Earnings Expectations - **Tesla (TSLA)**: Expected to report negative earnings per share, down 26.4% year over year, but with a 5% increase in revenues. Shares are up 9.6% year to date [7] - **IBM**: Anticipated to report earnings 6% higher and revenues up 7.57% for the quarter, with shares having gained 28% since the start of the year [9] - **Southwest Airlines (LUV)**: Facing a tough year-over-year comparison with expected earnings growth down 93% but a slight revenue increase of 1.44% [9]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Earnings per share of $0.54, surpassing estimates.Revenue of approximately $2.43 billion, exceeding expectations.High price-to-earnings (P/E) ratio of approximately 107.79, indicating strong investor confidence.Teck Resources Limited, trading on the NYSE under the symbol TECK, is a major player in the mining industry, focusing on the extraction and production of base metals like copper and zinc. The company competes with other mining giants such as Anglo American and Rio Tinto. On October 22, 2025, TECK rep ...

THIRD QUARTER 2025 CONFERENCE CALL October 22, 2025 CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ...

Market Overview - US stock index futures are all down ahead of the market opening, with Dow futures down 0.00%, S&P 500 futures down 0.04%, and Nasdaq futures down 0.27% [1] - European indices show mixed results, with Germany's DAX down 0.21%, UK's FTSE 100 up 0.90%, France's CAC40 down 0.33%, and the Euro Stoxx 50 down 0.21% [2][3] - WTI crude oil increased by 1.96% to $58.36 per barrel, while Brent crude oil rose by 1.83% to $62.44 per barrel [3][4] Market Sentiment - Bank of America warns of five emerging risks that could impact the S&P 500 index, including high valuations, signals of an impending bear market, data gaps, speculative activities, and liquidity shocks [5] - The Federal Reserve is expected to cut rates by 25 basis points next week, but there is significant uncertainty regarding the interest rate path for next year, with predictions ranging from 2.25%-2.50% to 3.75%-4.00% [6] - Goldman Sachs cautions that market estimates for US GDP may be overly optimistic due to data voids during the government shutdown, with GDP estimates for Q2 and Q3 at 3.8% and 3.3% respectively [7] Company News - Netflix (NFLX.US) missed earnings expectations due to a tax dispute in Brazil, reporting Q3 revenue growth of 17% to $11.5 billion but earnings per share of $5.87, below the expected $6.94 [9][10] - Texas Instruments (TXN.US) reported Q3 revenue growth of 14% to $4.74 billion, slightly above market expectations, but provided a weaker outlook for Q4, leading to an 8% pre-market drop [10] - Alliance West Bank (WAL.US) reported a 15.2% increase in Q3 revenue to $938.2 million and a net profit surge of over 27% to $250.2 million, alleviating market concerns [11] - Intuitive Surgical (ISRG.US) saw a 23% increase in Q3 revenue to $2.51 billion, driven by a strong increase in surgical procedures [11] - Barclays (BCS.US) announced a £235 million provision for auto credit but raised its profit guidance for the year, leading to a 4% pre-market increase [12] - AT&T (T.US) reported mixed Q3 results, with revenue of $30.7 billion slightly below expectations, but exceeded new wireless subscriber growth forecasts [12] - Teck Resources (TECK.US) reported a nearly 20% increase in Q3 adjusted core earnings to CAD 1.17 billion, benefiting from rising metal prices [13] - Beyond Meat (BYND.US) experienced a significant stock price increase due to a short squeeze, despite concerns about its fundamental outlook [13]

Core Insights - Teck Resources Ltd reported quarterly earnings of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, and showing an increase from $0.44 per share a year ago, resulting in an earnings surprise of +41.03% [1] - The company achieved revenues of $2.46 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 14.29% and up from $2.1 billion year-over-year [2] - Teck Resources has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Earnings Outlook - The sustainability of Teck Resources' stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $1.96 billion, while for the current fiscal year, the estimate is $1.45 on revenues of $7.23 billion [7] Industry Context - The Mining - Miscellaneous industry, to which Teck Resources belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Core Viewpoint - Teck Resources (TECK.US) reported a significant profit increase of nearly 20% in Q3, driven by rising metal prices that offset production disruptions at its major copper mine in Chile [1] Financial Performance - Adjusted core earnings rose to CAD 1.17 billion (approximately USD 836 million), up from CAD 986 million in the same period last year, attributed to higher copper and zinc prices and increased by-product revenue [1] - Q3 revenue increased by 18% year-over-year to CAD 3.38 billion [1] Production Challenges - Teck Resources faced difficulties in ramping up production at its Quebrada Blanca mine in the Andes, Chile [1] - The company maintained its original production guidance for the Quebrada Blanca mine despite recent production cuts [1] - Copper production at the mine fell nearly 25% year-over-year to 39,600 tons, with September output at only 5,600 tons due to a 20-day shutdown [1] Strategic Context - The company is set to be acquired by Anglo American, creating one of the largest mining companies globally, positioning it as a key supplier amid growing copper demand [1] - Teck is restructuring its tailings facilities, which is currently impacting production, with the aim of achieving higher long-term output targets [1]

Teck Resources beat third-quarter profit estimates on Wednesday, lifted by higher copper and zinc prices, even as production at its Quebrada Blanca copper mine in Chile remained constrained by tailing... ...