Teck Reports Unaudited Fourth Quarter Results for 2024

Core Viewpoint - Teck Resources Limited has undergone a significant transformation in 2024, positioning itself as a pure-play energy transition metals company following the sale of its steelmaking coal business and achieving record copper production [2] Financial Performance - In Q4 2024, Teck reported revenues of CAD 2,786 million, a 51% increase from CAD 1,843 million in Q4 2023 [5] - Gross profit for Q4 2024 was CAD 542 million, compared to CAD 152 million in Q4 2023, marking a substantial improvement [5] - Adjusted EBITDA for Q4 2024 reached CAD 835 million, significantly up from CAD 321 million in the same quarter last year [6] - Profit from continuing operations attributable to shareholders was CAD 385 million in Q4 2024, a recovery from a loss of CAD 167 million in Q4 2023 [6] Production Highlights - Teck achieved record copper production of 122,100 tonnes in Q4 2024, contributing to an annual total of 446,000 tonnes, which is a 50% increase from 2023 [6][10] - The copper business generated a gross profit before depreciation and amortization of CAD 732 million in Q4 2024, up 160% year-over-year [6] - Zinc production also saw significant growth, with gross profit before depreciation and amortization reaching CAD 320 million in Q4 2024, a 112% increase from the previous year [6] Shareholder Returns - The company returned CAD 1.8 billion to shareholders in 2024 through share buybacks and dividends, with CAD 549 million executed in Q4 alone [6] - As of February 19, 2025, Teck completed CAD 1.45 billion of its authorized CAD 3.25 billion buyback program [6] Debt Management - Teck reduced its debt by USD 196 million in Q4 2024 and by USD 1.8 billion over the entire year [6] - The company's liquidity as of February 19, 2025, stood at CAD 11.3 billion, including CAD 7.1 billion in cash [6] Future Guidance - For 2025, Teck expects copper production to increase to between 490,000 and 565,000 tonnes, with a focus on ramping up operations at Quebrada Blanca [10][11] - Zinc production guidance for 2025 is set between 525,000 and 575,000 tonnes [11]