Analyst Note| Jon Mills |
No-moat Teck reported a solid third-quarter 2022, driven by cost increases and lower commodity prices partially offset by foreign exchange. Adjusted net profit after tax was down 10% to CAD 920 million or CAD 1.74 per share, compared with third-quarter 2021. Adjusted EBITDA fell to CAD 1.9 billion, down from CAD 2.1 billion. The CAD 200 million decrease in EBITDA versus third-quarter 2021 was mainly due to lower prices and higher unit costs in the copper business, partially offset by improved results in its zinc and steelmaking coal divisions.