Southern Copper Reports Record Q2 Earnings for Fiscal Year Ending June 30th 2023
August 13, 2023
🌥️Earnings Overview
On July 28th 2023, SOUTHERN COPPER ($NYSE:SCCO) reported its second quarter earnings results for the fiscal year ending June 30th 2023. The total revenue reached USD 2300.7 million, a slight decrease of 0.3% compared to the same period of last year. Nonetheless, the net income increased by 26.6% year over year to USD 547.5 million.
Market Price
The stock opened at $85.3 and closed at $85.2, up 1.5% from the previous closing price of 84.0. This marks the highest quarterly earnings reported in the company’s history. This increase was attributable to a strong performance across all of its divisions. The company’s CEO, Oscar Gonzalez, said that the record earnings were a result of careful management and aggressive cost control initiatives put in place this year.
He added that the company remains well positioned to capture future growth opportunities and increase shareholder value. Overall, Southern Copper’s impressive Q2 earnings were driven by efficient management and strategic investments, providing further proof of the company’s resilience and strength in the current market. With continued focus on cost control and operational excellence, Southern Copper is well-poised for long-term success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Southern Copper. More…
| Total Revenues | Net Income | Net Margin |
| 10.07k | 2.78k | 27.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Southern Copper. More…
| Operations | Investing | Financing |
| 3.65k | -763.8 | -2.82k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Southern Copper. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 16.94k | 8.98k | 10.22 |
Key Ratios Snapshot
Some of the financial key ratios for Southern Copper are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.7% | 21.6% | 45.7% |
| FCF Margin | ROE | ROA |
| 26.3% | 35.9% | 17.0% |
Analysis
At GoodWhale, we recently conducted an analysis of SOUTHERN COPPER‘s fundamentals. After examining the company’s financial and business aspects, we have come to the conclusion that SOUTHERN COPPER is a low risk investment according to our Risk Rating system. We invite you to become a registered user of our platform and take part in our analysis for yourself. Our Risk Rating is generated based on an evaluation of key areas with potential risks such as liquidity, leverage, profitability, and solvency. Becoming a registered user will allow you to view this data and make your own informed decisions about the company. We hope you join us in our assessment of SOUTHERN COPPER’s fundamentals and receive the benefit of our Risk Rating system. More…
Peers
The global copper industry is highly competitive, with a large number of companies vying for market share. Southern Copper Corp is one of the largest copper producers in the world, and competes against China Nonferrous Mining Corp Ltd, Hindustan Copper Ltd, and Jiangxi Copper Co Ltd, among others. The company has a long history dating back to 1902, and has a strong position in the market. Southern Copper Corp is a vertically integrated company, meaning it is involved in all aspects of the copper mining process, from exploration and development to mining, smelting, and refining. The company has a diversified portfolio of assets and operations, and is one of the lowest-cost copper producers in the world. Southern Copper Corp is well-positioned to compete in the global copper industry.
– China Nonferrous Mining Corp Ltd ($SEHK:01258)
The company’s market cap is 11.67B as of 2022, a Return on Equity of 29.54%. The company is engaged in the business of nonferrous metals mining and operates a number of mines in China. It is also engaged in the smelting and refining of nonferrous metals. The company’s products include copper, aluminum, lead, zinc, nickel, tin, and precious metals.
– Hindustan Copper Ltd ($BSE:513599)
Hindustan Copper Ltd is an Indian copper mining company with a market cap of 103.42B as of 2022. The company has a Return on Equity of 13.71%. Hindustan Copper Ltd is engaged in the business of copper mining, smelting, and refining. The company has mines in Jharkhand and Rajasthan, and a plant in Gujarat. The company produces copper cathodes, copper rods, and copper wire. Hindustan Copper Ltd also produces gold and silver.
– Jiangxi Copper Co Ltd ($SHSE:600362)
Jiangxi Copper Co Ltd is a Chinese company that produces and supplies copper. The company has a market cap of 44.09B as of 2022. The company’s Return on Equity is 8.5%. Jiangxi Copper Co Ltd produces copper cathodes, copper rods, and copper wire. The company also produces gold, silver, and other metals. Jiangxi Copper Co Ltd is headquartered in Jiangxi Province, China.
Summary
SOUTHERN COPPER reported its second quarter earnings results for the fiscal year ending June 30th 2023. Total revenue was down 0.3% year over year at USD 2300.7 million, but net income rose 26.6% to USD 547.5 million, indicating higher profitability in comparison to the same period of the previous year. The company’s strong performance in the second quarter is an encouraging sign for investors, as it demonstrates that the company is managing its operations efficiently and able to grow despite challenging market conditions. For long-term investors, SOUTHERN COPPER appears to be a sound investment option.
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