Teck Resources Ltd Class B shares rose sharply in pre-open activity, gaining 4.6% to reach $59.85 following the company's release of second-quarter results prior to today’s market open. The Vancouver-based miner delivered results that outpaced Wall Street expectations on both earnings and revenue.
On a Non-GAAP basis, Teck reported EPS of C$1.93, well above the analyst consensus of about C$1.15. Quarterly revenue totaled C$3.61 billion, beating the consensus estimate of roughly C$3.27 billion.
Management attributed the headline beats to strong operational performance across its core assets. Adjusted EBITDA for the quarter came in at $2.2 billion, representing a 204% increase compared with the same quarter a year earlier. Profit attributable to shareholders climbed 314% year-over-year for the period.
CEO Jonathan Price emphasized sustained production at the company's Chilean copper operation, noting a third consecutive quarter of steady performance at the QB mine. Price said the results "reinforce the strength of our business and position us well to advance the planned merger with Anglo American."
The zinc business also contributed materially to the quarter’s strength. Gross profit before depreciation and amortization more than doubled, rising to $353 million from $159 million in Q2 2025.
The earnings beat arrived while broader market sentiment remained cautious. The S&P 500, Dow Jones and Nasdaq were all trading lower today, creating an environment in which company-specific news had an outsized influence on stock moves.
Investor and analyst positioning had already been building into the print. In early July Deutsche Bank raised its price target on Teck to $68 from $64 as part of its Q2 preview. Separately, Teck recently signed an $850 million strategic investment agreement with the Canada Growth Fund to expand critical metals production at its Trail Operations.
Taken together, the scale of the earnings surprise - with EPS surpassing estimates by roughly 68% - combined with robust copper and zinc volumes, management’s positive commentary on the Anglo American merger and the supportive analyst backdrop provided the impetus for the pronounced pre-market rally, even as the broader U.S. equity tape traded weakly.
Summary
Teck reported stronger-than-expected Q2 results, with Non-GAAP EPS of C$1.93 and revenue of C$3.61 billion. Adjusted EBITDA rose to $2.2 billion, a 204% year-over-year increase, while profit attributable to shareholders grew 314% year-over-year. Management highlighted steady operations at the QB copper mine in Chile and reiterated that the company is well-positioned to advance a planned merger with Anglo American. The zinc segment saw gross profit before depreciation and amortization increase to $353 million from $159 million in Q2 2025. These results helped push Teck stock up in pre-market trading despite broader market declines.
Key details
- Q2 Non-GAAP EPS: C$1.93 (consensus ~C$1.15)
- Q2 revenue: C$3.61 billion (consensus ~C$3.27 billion)
- Adjusted EBITDA: $2.2 billion, up 204% year-over-year
- Profit attributable to shareholders: up 314% year-over-year
- Zinc gross profit before depreciation and amortization: $353 million versus $159 million in Q2 2025