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Research Alert: Teck Resources Posts Q1 Beat, Strong Copper Operations And Pricing Tailwind

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Teck Resources delivered strong Q1 2026 results with adjusted EPS of CAD1.75, significantly ahead of CAD0.60 in Q1 2025 and consensus of CAD1.12. Revenue increased 72% Y/Y to CAD3.9B while adjusted EBITDA reached CAD2.1B (+125%), beating consensus by 22% and 36%, respectively, reflecting operational leverage to copper price strength with LME copper averaging USD5.83/lb (+38% Y/Y). The results validate the portfolio's earnings power following the coal divestiture and demonstrate improving operational execution heading into the Anglo American merger completion. Management reaffirmed steady-state operations at Quebrada Blanca (QB) by year-end 2026, with QB posting record copper sales of 70.3 thousand tonnes. We view production constraints should gradually diminish through 2H 2026 as TMF development progresses. The company maintains strong liquidity of CAD9.8B supporting growth capex, while the Anglo American merger has secured shareholder and Canadian approvals with remaining clearances pacing the timeline.

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