Teck Reports Higher Q2 Earnings Driven by Copper

Teck Resources reported Q2 2026 adjusted earnings per share of $1.39 (USD) on revenue of $2.6 billion, surpassing consensus and up from $0.27 in the prior year. Adjusted EBITDA was about CAD 2.2 billion with a 60.8% margin, aided by record copper prices and higher output, including about a 25% year-over-year increase in copper production to roughly 135,900 tonnes. The quarter generated strong cash flow, with cash from operations near $1.7 billion and net cash up about $756 million, while copper unit costs fell to around $1.64 per pound due to byproduct credits. Copper-market strength supported production gains across Highland Valley, Antamina, Carmen de Andacollo, and Quebrada Blanca, with realized copper prices around $6.09 per pound. Teck reiterated progress on its Anglo American merger, aiming to close within a 12-18 month window pending regulatory approvals, and discussed strategic investments and yield improvements at assets like Trail and TMF projects. Looking ahead, second-half production at Highland Valley and Antamina is expected to be lower due to planned maintenance and grade expectations, while the company maintains copper and zinc production guidance and continues to pursue merger synergies.