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Teck Resources Ltd Class B TECK Stock Quote

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Morningstar‘s Stock Analysis TECK

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Teck Resources Reports a Solid 2022 Third-Quarter Result, FVE Modestly Lowered to USD 25

Jon Mills, CFA Equity Analyst

Analyst Note

| Jon Mills, CFA |

No-moat Teck reported a solid third-quarter 2022, driven by cost increases and lower commodity prices partially offset by foreign exchange. Adjusted net profit after tax was down 10% to CAD 920 million or CAD 1.74 per share, compared with third-quarter 2021. Adjusted EBITDA fell to CAD 1.9 billion, down from CAD 2.1 billion. The CAD 200 million decrease in EBITDA versus third-quarter 2021 was mainly due to lower prices and higher unit costs in the copper business, partially offset by improved results in its zinc and steelmaking coal divisions.

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Key Statistics TECK

Company Profile TECK

Business Description

Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, closely followed by copper, with zinc and oil sands contributing smaller amounts to earnings. Teck ranks as the world's second-largest exporter of seaborne metallurgical coal and is a top-three zinc miner. It is building a major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, which will increase Teck’s attributable copper production by around 80%. Along with a number of additional copper growth options, Teck’s strategy is to rebalance its portfolio to low carbon metals such as copper.

550 Burrard Street, Suite 3300
Vancouver, BC, V6C 0B3, Canada
T +1 604 699-4000
Industry Other Industrial Metals & Mining
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 10,600

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