Southern Copper Q4 2023 Earnings Missed Estimates

SEATTLE (Scrap Monster): Southern Copper Corporation reported fourth quarter 2023 results. The quarterly earnings and sales missed consensus estimates.

The company reported Q4 2023 earnings of 58 cents per share, which stood way below estimates of 77 cents per share. The net sales totalled around $2.3 billion during the quarter, significantly lower by 18.6% upon comparison with the prior year quarter. The quarterly results were primarily impacted by lower volumes for copper, silver and zinc. The sales volumes of copper, silver and zinc registered year-on-year declines by 6.5%, 14.8% and 8.6% respectively.

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The company’s Q4 operating profit stood at $869 million, down by nearly 37% over the previous year. The operating margins too dipped from 48.6% in the year-ago-quarter to 37.8% in Q4 last year. The adjusted EBITDA recorded steep decline by 35% to $1.06 billion in Q4 2023.

The mined copper volumes recorded marginal decline by 3% to 234,089 tons during the quarter. The copper sales declined by 6.5% year-on-year to 217,416 tons. For the full year 2023, the company reported 911,014 tons of copper production, marginally higher by 1.8% over 2022.

Southern Copper’s silver production declined by 3% to 4.802 million ounces in Q4 2024, whereas the full year production amounted to 18.407 million ounces.