Southern Copper Q1 2024 Earnings Report

Southern Copper Corporation reported a net sales of $2,599.8 million for Q1 2024, a 13.3% increase compared to 4Q23, but a 6.9% decrease compared to 1Q23. Net income was $736.0 million, up 65.4% from 4Q23, but down 9.5% from 1Q23. Adjusted EBITDA was $1,417.7 million, a 34.3% increase compared to 4Q23, but down 9.6% from 1Q23. The company's performance was driven by higher sales volumes of copper and silver and an increase in metal prices, offset by lower prices for copper, molybdenum and zinc, coupled with a decrease in the sales volumes for zinc and silver.