Teck Resources posted adjusted earnings of $1.93 per share, beating estimates as copper production rose 25% year over year.
Teck Resources reported second-quarter adjusted earnings of $1.93 per share, topping analyst estimates of $1.15, as copper prices and production climbed. Revenue reached $3.61 billion, up from $3.3 billion expected, driven by a 25% increase in copper output to 135,900 tonnes.
Adjusted EBITDA rose to $2.2 billion from $673 million a year earlier, supported by higher copper prices averaging $6.05 per pound and improved operational performance. Net cash unit costs for copper fell to $1.64 per pound, down from $2.02 in the prior-year period.
Shares gained over 3% following the release, reflecting investor confidence in the company’s copper business, which contributed $1.8 billion in gross profit before depreciation and amortization.