Southern Copper reports Q1 EPS 95c, consensus 74c

Reports Q1 revenue $2.6B, consensus $2.37B. The company said, “This quarter our strengths are once again at the forefront as we report a 65% increase in net earnings compared to 4Q23.This positive result was driven by a 2.6% uptick in copper production; a 14.2% drop in the cash cost; and higher metal prices for copper (+3.2%), molybdenum (+7.8%) and precious metals. Southern Copper continues to focus on organic growth and on ensuring that costs remain at very competitive levels. In addition to the significant downward revisions to global copper production projections for 2024, we are currently seeing strong market demand on the back of a resilient US economy and new demand from decarbonization technologies and artificial intelligence. We believe these new factors will play a significant role in supporting long-term copper demand, sustaining attractive copper prices.”