Teck Resources reports Q3 earnings beat; narrows FY22 steelmaking coal production volumes

• Teck Resources press release (NYSE:TECK): Q3 Non-GAAP EPS of C$1.74 beats by C$0.10.
• Revenue of C$4.67B (+17.6% Y/Y) beats by C$210M.
• Adjusted EBITDA was C$1.9B in Q3 2022. We recorded a loss before taxes of C$76M in Q3 2022.
• "We have updated our 2022 annual guidance for steelmaking coal production volumes to reflect the impact of the plant feed conveyor failure at Elkview, outlined above. We have also updated our 2022 annual guidance for transportation unit costs for our steelmaking coal business unit, our copper and refined zinc production guidance, and our capital cost guidance for QB2, as outlined in summary below.
• QB2 copper production is expected to ramp up during 2023 following commissioning of the QB2 project. We now expect copper production to be in the range of 170,000 and 300,000 tonnes per year for 2023 to 2025, from the previously disclosed range of 245,000 to 300,000 tonnes per year, with 2023 at the lower end of the guidance range.
• While we continue to expect our capital expenditures for 2023 to be lower than 2022, with the increase in QB2 capital guidance and continued inflationary pressures, we no longer expect a reduction of $2 billion compared to 2022 projected spending levels. We will issue 2023 capital expenditure guidance with our usual annual guidance in February, 2023."
• FY22 Production Guidance: Copper 273K - 290K tonnes; Zinc 630K - 665K tonnes; Steelmaking coal 22.0M - 22.5M tonnes (previously 23.5M - 24.0M.