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LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on Southern Copper Corp. (NYSE: SCCO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SCCO. The Company released its first quarter fiscal 2018 (Q1 FY18) earnings results on April 25, 2018. The Company’s sales and income per share rose 16.2% and 48.8% y-o-y, respectively. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Southern Copper most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q1 FY18, Southern Copper reported revenues of $1.84 billion compared to $1.58 billion in Q1 FY17. The Company attributed the growth in the sales numbers of 16.2% y-o-y to a rise in copper prices of 19% y-o-y, along with a 56.8% and 23.0% y-o-y surge in molybdenum and zinc prices during the reported quarter.
The copper mining Company’s net income rose to $470.7 million, or $0.61 per diluted share, in Q1 FY18 from $314.4 million, or $0.41 per diluted share, in the prior year’s same quarter; primarily due to higher sales and the Company’s cost control initiatives. However, Wall Street had expected the Company to report a net income of $0.62 per diluted share.
For the reported quarter, the Phoenix, Arizona-based Company’s cost of sales were up 3.9% to $876.5 million from $843.8 million in Q1 FY17. The Company’s selling, general, and administrative expenses (SG&A) were also up by 12.6% to $24.1 million in Q1 FY18 from $21.4 million in the year ago comparable quarter. Southern Copper’s total operating costs and expenses were $1.07 billion in Q1 FY18 versus $1.01 billion in Q1 FY17. The Company’s operating income came in at $773.3 million in Q1 FY18 compared to $570.4 million in Q1 FY17. The Company reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $939.4 million, or 51.0% of sales, in Q1 FY18, up 30.1% from $722.3 million, or 45.6% of sales, in Q1 FY17.
Southern Copper’s copper production volume was 221,015 tons in Q1 FY18 compared to 222,174 tons in the previous year’s corresponding quarter. The Company sold 212,767 tons of copper in Q1 FY18 compared to 221,240 tons of copper in Q1 FY17. Furthermore, the Company’s copper sales revenues increased to $1.47 billion in Q1 FY18 from $1.29 billion in Q1 FY17.
For Q1 FY18, Southern Copper’s Molybdenum production volume was 5,175 tons, 1.9% lower than 5,276 tons in Q1 FY17. During the reported quarter, the Company’s Molybdenum sales volume was 5,243 tons compared to 5,242 tons in Q1 FY17. Meanwhile, the Company’s Molybdenum sales revenues were $136.3 million in Q1 FY18, up from $92.8 million in Q1 FY17.
Southern Copper mined 17,736 tons of zinc during the reported quarter compared to 18,597 tons in Q1 FY17. The Company’s zinc sales volume was 26,391 tons during Q1 FY18 versus 26,979 tons in Q1 FY17. Moreover, the Company’s zinc sales revenues increased to $94.9 million in Q1 FY18 from $79.0 million in the prior year’s same quarter.
For the reported quarter, Southern Copper’s silver production numbers were 4,143 thousand ounces, up from 3,986 thousand ounces in the last year’s comparable quarter. The Company’s silver sales volume also increased marginally to 4,258 thousand ounces in Q1 FY18 from 4,248 thousand ounces in Q1 FY17. However, the Company’s silver sales revenues fell to $71.1 million during Q1 FY18 from $73.8 million in Q1 FY17.
Cash Flow and Balance Sheet
In the three months ended March 31, 2018, Southern Copper’s net cash generated by operating activities stood at $649.8 million, rising 32.6% from $490.1 million in Q1 FY17. As on March 31, 2018, the Company’s cash and equivalents balance stood at $1.07 billion compared to $698.7 million as on March 31, 2017. Furthermore, the Company’s long-term debt was $5.96 billion as on March 31, 2018, versus the $5.95 billion recorded as on March 31, 2017.
Stock Performance Snapshot
May 30, 2018 - At Wednesday’s closing bell, Southern Copper’s stock rose 2.11%, ending the trading session at $49.34.
Volume traded for the day: 1.06 million shares, which was above the 3-month average volume of 1.02 million shares.
Stock performance in the previous six-month period – up 14.32%; past twelve-month period – up 40.53%; and year-to-date – up 3.98%
After yesterday’s close, Southern Copper’s market cap was at $39.13 billion.
Price to Earnings (P/E) ratio was at 22.83.
The stock has a dividend yield of 2.43%.
The stock is part of the Basic Materials sector, categorized under the Copper industry. This sector was up 2.5% at the end of the session.
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