$SCCO · SOUTHERN COPPER CORP/
Southern Copper filed an 8-K with its Q3 2026 earnings press release. Net sales hit a quarterly record of $4,696.6M (+39.1% YoY), net income reached a record $1,801.8M (+62.7% YoY), and adjusted EBITDA set a record at $3,040.2M (+53.9% YoY). Operating cash cost per pound of copper collapsed to $0.09 from $0.42 in 3Q25. The Board declared a $1.30/share quarterly cash dividend and a 0.0106 share stock dividend, payable November 19, 2026.
- Q3 net sales hit a quarterly record of $4,696.6M, up 39.1% YoY driven by higher metal prices across all products.
- Q3 net income reached a record $1,801.8M, up 62.7% YoY; net income margin expanded to 38.4% from 32.8%.
- Adjusted EBITDA hit a record $3,040.2M, up 53.9% YoY; adjusted EBITDA margin reached 64.7%.
- Operating cash cost per pound of copper, net of by-product credits, fell to $0.09 from $0.42 in 3Q25 — a 77.4% drop.
- Board declared a $1.30/share quarterly cash dividend plus a 0.0106 share stock dividend, payable November 19, 2026.
SCCO down 2.92% to $196.44 in regular trading despite record results — likely profit-taking after a strong run, or copper price weakness overshadowing the print. The $1.30 cash dividend (0.66% yield at current price) and stock dividend may provide some floor.
Record revenue, net income, and EBITDA with industry-leading $0.09/lb cash costs demonstrate exceptional operating leverage in a strong copper price environment, while two greenfield projects promise
Southern Copper's 64.7% adjusted EBITDA margin and $0.09/lb net cash cost set the benchmark for copper producers. The Tia Maria (49.6% complete, 1H28 start) and El Pilar ($551M capex, 2029 start) greenfield projects position SCCO to surpass 1M tonnes annual production.
Copper production fell 1.1% QoQ and 2.9% YTD, with Peruvian mines hit by lower ore grades. Zinc production dropped 7.9% YoY and molybdenum fell 2.2%. The Los Chancas project area is threatened by illegal miners, which could delay development.
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