FINWIRES · TerminalLIVE
FINWIRES

Research Alert: Southern Copper Q1: Record Results On Surging Metal Prices

By

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Southern Copper delivered record Q1 2026 results, with net income surging 67% Y/Y to $1.58B and EPS of $1.92 beating consensus by $0.11, due to silver prices jumping 158% and copper rising 38% to $5.83/lb. Net sales increased 36% Y/Y to $4.25B, while adjusted EBITDA climbed 55% to $2.71B, with margins expanding to 63.8%. Despite strong financial performance, copper production declined 4% Y/Y to 230,544 tons due to lower ore grades at Peruvian operations, though operating cash costs turned negative at -$0.11/lb versus $0.77 prior year due to higher prices co-products. Management expects ore grade recovery by year-end 2026 and into subsequent years. Operating cash flow surged 135% Y/Y to $1.69B, funding $442M in capex as part of the aggressive $20.5B investment program. The Tia Maria project reached 32.5% completion and remains on track for Q3 2027 startup. Leonardo Contreras Lerdo de Tejada was appointed as CEO, following the passing of former CEO Oscar Gonzalez Rocha, who led the organization for five decades.

Related Articles

Asia

Westgold Resources Posts Higher Fiscal Q3 Group Gold Production, Lower Sales

Westgold Resources (ASX:WGX) reported group gold production of 93,145 ounces of gold and sold 69,900 ounces of gold in the fiscal third quarter ended March 31, according to a Wednesday Australian bourse filing.The company produced 80,107 ounces of gold and sold 78,398 ounces of gold for the quarter ended March 31, 2025, an earlier filing showed.Group all-in sustaining cost (AISC) for the quarter was AU$3,338 per ounce, compared with AU$2,829 per ounce a year earlier.The company reaffirmed its fiscal 2026 guidance in the range of 345,000 to 385,000 ounces of gold at an AISC of AU$2,600 to AU$2,900 per ounce.

$ASX:WGX
Asia

St Barbara Posts Higher Fiscal Q3 Gold Sales

St Barbara (ASX:SBM) said gold sales for the third quarter of fiscal 2026 totaled 11,974 ounces at an average realized price of AU$6,892 per ounce, according to a Wednesday Australian bourse filing.The company's gold sales for the third quarter of fiscal 2025 totaled 11,643 ounces at an average realized price of AU$4,548 per ounce, an earlier filing showed.The company said it held cash and bullion of AU$504 million as of April 2, excluding its attributable share of cash and bullion held by the jointly owned Simberi entities, the filing added.St Barbara said it is fully funded to meet upcoming capital requirements for the Touquoy restart, the expansion of the New Simberi Gold Project, and the development of the 15-Mile Processing Hub using cash on hand and forecast operating cash flow.

$ASX:SBM
Research

Research Alert: Bxp, Inc. Q1: Re-leasing Spreads Negative As Leverage Increases

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BXP reported Q1 revenue of $872M, up 0.8% Y/Y and $18M ahead of consensus expectations, though declining 0.6% Q/Q reflecting sequential softness. The company signed 68 leases totaling 1.1M square feet with a weighted-average lease term of 8.7 years, representing a significant 39% decline Q/Q in leasing activity volume. Leasing fundamentals remained challenging with second-generation leasing showing negative rental spreads as gross rents declined 1.9% and net rents fell 3.2% during the quarter. We view the persistent negative rental spreads and weak Q/Q leasing growth as concerning indicators for near-term operational performance. In our view, the significant decline in leasing activity, coupled with continued rent compression, suggests ongoing headwinds in BXP's core office markets. We believe the company faces continued pressure from challenging market dynamics that are likely to persist in the near term, despite the modest revenue beat this quarter.

$BXP