SCCO
Southern Copper Corporation140.27
-3.59-2.5%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Tia Maria capex cut; long-term guidance extended
Q&A delivered granular updates on Tia Maria, trimming 2026 capex to $508 million from prior $900 million guidance due to favorable vendor terms, while affirming H2 2027 startup with 30,000 tons. Management extended copper production outlook: 911k tons in 2026, ~900k in 2027, then ramping to 1.06M by 2029 amid Peruvian grade dips and expansions. Costs eyed flat per pound despite 5% volume drop, with 39% MXN and 10% PEN exposure; Buenavista zinc concentrator prioritizes silver-rich zinc unless prices shift. No major walk-backs. Q&A largely reinforced prepared remarks. Execution stays key.
Key Stats
Market Cap
114.89BP/E (TTM)
30.30Basic EPS (TTM)
4.63Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Southern Copper mined 2,108 million pounds of copper in FY2025 ended December 31, 2025, down 1.8% y/y from 2,147 million pounds amid lower grades at Buenavista and Cuajone, yet Q4 momentum built with Buenavista SX-EW up 9.3% q/q on stronger leaching. Molybdenum surged 7.4% y/y to 68.7 million pounds, driven by Toquepala's 18.2% gain, while silver jumped 15.3% y/y and zinc soared 36.1% y/y on Buenavista's new zinc concentrator. Operating cash costs net of by-products fell 34.0% y/y to $0.58/lb, fueled by robust by-product credits. Q4 accelerated via higher grades/recoveries at La Caridad. Cash hit $4.3 billion after $1.3 billion capex; $3 billion buyback remains authorized. Year-end debt stood at $6.8 billion (5.93% weighted rate). Political instability in Peru risks quarterly momentum.
8-K
Record 2025 sales, dividends
Southern Copper smashed records in 2025 with $13.4B net sales (up 17.4%) and $4.3B net income (up 28.4%), powered by volume gains in by-products and copper price surges, while slashing cash costs to $0.58/lb net of credits. Board approved $1.00/share cash plus 0.0085 stock dividend, payable February 27. Tia Maria advances to 24% complete.
10-Q
Q3 FY2025 results
Southern Copper posted Q3 sales of $3.4B, up 15% y/y on stronger copper (72% of sales, +6.5% LME), molybdenum (+13%), and silver (+34%) prices, yet copper volumes dipped 4% y/y (derived). Operating income climbed 22% y/y to $1.8B as costs rose just 9%, squeezing net cash costs to $0.42/lb net of by-products (from $0.76). Cash hit $4.0B after $3.3B YTD operating cash flow, $903M capex, and hefty $1.8B dividends; free cash flow not disclosed in the 10-Q. Debt stands at $6.7B after $1B issuance (5.625% due 2032) and $500M repayment. Solid cash pile. Tariff risks loom large.
8-K
Record Q3 sales surge
Southern Copper posted record Q3 net sales of $3,377.3 million, up 15.2% from last year, fueled by surging silver, molybdenum, and zinc volumes despite a 3.6% copper sales dip. Net income climbed 23.5% to $1,107.6 million, with cash costs net of by-products plunging to $0.42 per pound—industry-low territory. Copper output fell 6.9% to 234,892 tonnes amid lower grades, yet by-product booms offset the hit. Board greenlit $0.90 cash plus 0.0085 stock dividend, payable November 28. Tariffs barely dented results.
10-Q
Q2 FY2025 results
Southern Copper's Q2 FY2025 results showed steady revenue at $3.1B, down 2.2% y/y from $3.1B but up 8.0% YTD to $6.2B, driven by higher zinc and silver volumes while copper sales dipped 3.0% y/y to 494M lbs. Operating income held firm at $1.6B, off 1.3% y/y yet up 11.6% YTD to $3.1B, with gross margins expanding to 52.0% from 49.0% y/y on lower costs and strong by-product credits; diluted EPS ticked up 0.3% y/y to $1.21, reconciling to 807.8M shares. Key drivers included full-capacity Buenavista zinc output boosting by-products, though Peruvian copper production fell 1.4% y/y to 526.9M lbs amid grade challenges. Liquidity strengthened with $3.3B cash and $675M short-term investments, total debt at $6.7B after $500M repayment, and $1.7B operating cash flow YTD yielding $1.1B FCF (derived). No material M&A; non-GAAP metrics not disclosed in the 10-Q. Copper prices remain volatile amid U.S. tariff risks.
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