Southern Copper Sets Q3 Sales Record at $4.70 Billion as Income Per Share Rises

Southern Copper’s third-quarter sales reached a record $4.6966 billion, up 39.1% from a year earlier, as higher metal prices and zinc sales growth outweighed lower sales volumes for copper, molybdenum and silver.

Income per share rose to $2.15 from $1.32 in the year-earlier quarter. Net income increased 62.7% to $1.8018 billion. Adjusted EBITDA reached $3.0402 billion, up 53.9%, while cash flow from operating activities rose 42.6% to $2.2243 billion.

Higher prices for the company’s metals and increased zinc sales supported the sales gain. Lower sales volumes for copper, molybdenum and silver partly offset those gains. Zinc sales volume rose 0.8%.

Mined copper production was 232,396 tonnes, down 1.1% from the previous quarter. Total production, including third-party concentrate, was 235,501 tonnes. Output at the company’s Peruvian operations fell 6.1% amid lower ore grades, while production at its Mexican operations rose 2.5%.

Southern Copper’s third-quarter earnings call is scheduled for 11 a.m. ET (15:00 UTC) Thursday, Oct. 22.