Teck 4Q22 results - unpleasant surprise

📝The miner's 4Q22 revenues came in weaker than we had expected (-18% vs. us and -7% vs. consensus), as the company missed its FY22 copper and coal guidance. Hence, sales of the commodities underperformed our estimates by 6% and 17%, respectively. Consequently, EBITDA was quite discouraging (-13% vs. consensus and -17% vs. us)

⛏According to the miner's FY23 guidance, copper output is estimated to jump >40% YoY, following the ramp up of the Quebrada Blanca project (its production outlook remains roughly unchanged). Meanwhile, coking coal production is set to increase 10-20% YoY (marginally lower than the previous guidance)

📌On our numbers, at spot, Teck's 1Q23F EBITDA might materially recover QoQ, bolstered by the potential growth in production, as well as elevated coking coal and copper prices

#TECK #copper
https://metals-wire.com/company/TECK_US/