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Sep 30, 2024
Southern Copper Q3 2024 Earnings Report
Net sales and net income increased, driven by higher sales volumes and metal prices, coupled with strict cost control measures.
Key Takeaways
Southern Copper Corporation reported a strong Q3 2024 with a 17.0% increase in net sales and a 44.7% increase in net income compared to Q3 2023. This growth was driven by increased sales volumes across all products and higher metal prices for copper, zinc, and silver. The company also benefited from strict cost control measures.
Net sales increased by 17.0% compared to 3Q23, driven by growth in sales volumes of all products.
Net income increased by 44.7% compared to 3Q23, driven by increased sales and strict cost control measures.
Copper production increased by 11.5% compared to 3Q23, reflecting higher production at all open pit operations.
Operating cash cost per pound of copper decreased by 22.6% compared to 3Q23, mainly due to higher volumes and prices.
Revenue by Segment
Forward Guidance
Southern Copper anticipates that current copper prices will be supported by a resilient US economy, potential FED interest rate reductions, and the impact of stimulus packages in China. The company expects long-term demand to be strong as copper's role in clean energy and AI expands.
Positive Outlook
- Resilient US economy
- Potential FED interest rate reduction cycle
- Impact of stimulus package recently approved by the Chinese authorities
- Long-term demand to be stronger as copper consolidates its role as a leading player in the global shift to clean energy and AI
- Low-cost competitive organic growth strategy
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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