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Highlights

  • Teck posts Q1 profit of $370 million, reversing a loss from the previous year.

  • Revenue climbs to $2.29 billion, fueled by higher copper and zinc prices.

  • Adjusted earnings per share reach $0.60, up from a loss of $0.01 in Q1 2024.

Vancouver-based Teck Resources Ltd. (TSX:TECK.B) reported a strong rebound in its first-quarter earnings, driven by elevated commodity prices and increased copper sales volumes. The mining company, which completed the sale of its steelmaking coal business last summer, posted significant gains across its continuing operations for the quarter ending March 31, 2025.

Teck announced a net profit of $370 million, or $0.73 per diluted share, for Q1 2025—a dramatic turnaround from a net loss of $125 million or $0.24 per share recorded in the same period last year. The figures highlight the company’s successful transition toward a more copper-focused portfolio as it exits the coal business.

On an adjusted basis, Teck reported a profit of $0.60 per diluted share, a notable improvement from an adjusted loss of $0.01 per share a year earlier. The adjustments exclude one-time items and offer a clearer view of Teck’s ongoing operations.

Revenue and Commodity Prices Surge

Teck's quarterly revenue rose to $2.29 billion, up from $1.62 billion in the first quarter of 2024. This growth was largely attributed to higher realized prices for key metals and an uptick in copper sales.

The realized copper price jumped to US$4.27 per pound, compared to US$3.86 during the same quarter last year. Similarly, the realized price for zinc increased to US$1.28 per pound, up from US$1.12 in Q1 2024.

Copper, a critical metal for clean energy technologies and infrastructure, remains at the core of Teck’s long-term strategy. The rise in copper pricing and demand appears to be validating the company’s decision to double down on its copper operations following its exit from the coal sector.