Southern Copper Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: SCCO · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 1001838
| Field | Detail |
|---|---|
| Company | Southern Copper CORP/ (SCCO) |
| Form Type | 10-Q |
| Filed Date | Apr 30, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, Southern Copper Corp, Financial Report, Quarterly Filing, Equity
TL;DR
<b>Southern Copper Corp. filed its quarterly 10-Q report detailing financial positions as of March 31, 2024.</b>
AI Summary
SOUTHERN COPPER CORP/ (SCCO) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Southern Copper Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data for the parent company and holding company members. Specific financial statement items such as Treasury Stock, Additional Paid-In Capital, Retained Earnings, Common Stock, Noncontrolling Interest, and Accumulated Other Comprehensive Income are detailed for various periods. The report covers periods including Q1 2024, Q1 2023, and year-end 2023 and 2022. The company's principal executive offices are located in Phoenix, AZ.
Why It Matters
For investors and stakeholders tracking SOUTHERN COPPER CORP/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Southern Copper Corp., crucial for understanding its current operational and financial health. The detailed breakdown of equity accounts and comparative periods allows for analysis of financial trends and changes in shareholder equity over time.
Risk Assessment
Risk Level: low — SOUTHERN COPPER CORP/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or events beyond routine financial disclosures.
Analyst Insight
Monitor future filings for detailed financial performance, operational updates, and any new risk factors that may emerge.
Key Numbers
- 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
- 2024-04-30 — Filing Date (FILED AS OF DATE)
- 10-Q — Form Type (FORM TYPE)
- 001-14066 — SEC File Number (SEC FILE NUMBER)
Key Players & Entities
- SOUTHERN COPPER CORP/ (company) — FILER
- 0001001838 (company) — CENTRAL INDEX KEY
- 133849074 (company) — IRS NUMBER
- DE (company) — STATE OF INCORPORATION
- 7310 NORTH 16TH ST. (company) — BUSINESS ADDRESS STREET 1
- PHOENIX (company) — BUSINESS ADDRESS CITY
- AZ (company) — BUSINESS ADDRESS STATE
- 85020 (company) — BUSINESS ADDRESS ZIP
FAQ
When did SOUTHERN COPPER CORP/ file this 10-Q?
SOUTHERN COPPER CORP/ filed this Quarterly Report (10-Q) with the SEC on April 30, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SOUTHERN COPPER CORP/ (SCCO).
Where can I read the original 10-Q filing from SOUTHERN COPPER CORP/?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SOUTHERN COPPER CORP/.
What are the key takeaways from SOUTHERN COPPER CORP/'s 10-Q?
SOUTHERN COPPER CORP/ filed this 10-Q on April 30, 2024. Key takeaways: Southern Copper Corp. filed a 10-Q report for the period ending March 31, 2024.. The filing includes data for the parent company and holding company members.. Specific financial statement items such as Treasury Stock, Additional Paid-In Capital, Retained Earnings, Common Stock, Noncontrolling Interest, and Accumulated Other Comprehensive Income are detailed for various periods..
Is SOUTHERN COPPER CORP/ a risky investment based on this filing?
Based on this 10-Q, SOUTHERN COPPER CORP/ presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or events beyond routine financial disclosures.
What should investors do after reading SOUTHERN COPPER CORP/'s 10-Q?
Monitor future filings for detailed financial performance, operational updates, and any new risk factors that may emerge. The overall sentiment from this filing is neutral.
How does SOUTHERN COPPER CORP/ compare to its industry peers?
Southern Copper Corp. operates in the metal mining industry, specifically focusing on copper extraction and production.
Are there regulatory concerns for SOUTHERN COPPER CORP/?
The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) detailing financial performance and condition.
Industry Context
Southern Copper Corp. operates in the metal mining industry, specifically focusing on copper extraction and production.
Regulatory Implications
The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) detailing financial performance and condition.
What Investors Should Do
- Review the full 10-Q filing for detailed financial statements and management discussion.
- Analyze the changes in equity accounts (Treasury Stock, Retained Earnings, etc.) compared to previous periods.
- Note the specific periods covered by the financial data presented in the report.
Key Dates
- 2024-03-31: Quarterly Period End — Financial data reported as of this date.
- 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This filing is a standard quarterly report (10-Q) and does not provide direct comparative figures to a prior filing within this extracted data. However, it presents data for multiple past periods for comparison within the report itself.
Filing Stats: 4,495 words · 18 min read · ~15 pages · Grade level 7.8 · Accepted 2024-04-30 14:48:13
Key Financial Figures
- $0.01 — registered: Common stock , par value $0.01 per share SCCO New York Stock Exchan
Filing Documents
- scco-20240331x10q.htm (10-Q) — 3008KB
- scco-20240331xex15d0.htm (EX-15.0) — 5KB
- scco-20240331xex31d1.htm (EX-31.1) — 11KB
- scco-20240331xex31d2.htm (EX-31.2) — 11KB
- scco-20240331xex32d1.htm (EX-32.1) — 6KB
- scco-20240331xex32d2.htm (EX-32.2) — 7KB
- scco-20240331x10q001.jpg (GRAPHIC) — 9KB
- 0001558370-24-006251.txt ( ) — 12371KB
- scco-20240331.xsd (EX-101.SCH) — 79KB
- scco-20240331_cal.xml (EX-101.CAL) — 64KB
- scco-20240331_def.xml (EX-101.DEF) — 318KB
- scco-20240331_lab.xml (EX-101.LAB) — 586KB
- scco-20240331_pre.xml (EX-101.PRE) — 422KB
- scco-20240331x10q_htm.xml (XML) — 2885KB
Financial Information
Part I. Financial Information : Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Earnings for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8-33 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 34-50 Item 3. Quantitative and Qualitative Disclosure about Market Risk 51-52 Item 4.
Controls and procedures
Controls and procedures 53 Report of Independent Registered Public Accounting Firm 54
Other Information
Part II. Other Information : Item 1.
Legal Proceedings
Legal Proceedings 55 Item 1A.
Risk Factors
Risk Factors 55 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 55 Item 4. Mine Safety Disclosures 55 Item 6. List of Exhibits 56-59
Signatures
Signatures 60 2 Table of Contents
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements Southern Copper Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three Months Ended March 31, 2024 2023 Net sales (including sales to related parties, see note 5) $ 2,599.8 $ 2,793.9 Operating cost and expenses: Cost of sales (exclusive of depreciation, amortization and depletion shown separately below) 1,157.6 1,194.2 Selling, general and administrative 30.8 30.4 Depreciation, amortization and depletion 209.0 203.7 Exploration 12.7 11.9 Total operating costs and expenses 1,410.1 1,440.2 Operating income 1,189.7 1,353.7 Interest expense ( 94.2 ) ( 94.1 ) Capitalized interest 13.7 11.4 Other income (expense) 19.0 10.5 Interest income 27.3 21.3 Income before income taxes 1,155.5 1,302.8 Income taxes (including royalty taxes, see Note 4) 423.4 480.5 Net income before equity earnings of affiliate 732.1 822.3 Equity earnings (loss) of affiliate, net of income tax 6.7 ( 6.4 ) Net income 738.8 815.9 Less: Net income attributable to the non-controlling interest 2.8 2.7 Net income attributable to SCC $ 736.0 $ 813.2 Per common share amounts attributable to SCC: Net earnings-basic and diluted $ 0.95 $ 1.05 Weighted average shares outstanding-basic and diluted 773.1 773.1 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents Southern Copper Corporation CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2024 2023 COMPREHENSIVE INCOME: Net income and comprehensive income $ 738.8 $ 815.9 Total comprehensive income 738.8 815.9 Comprehensive income attributable to the non-controlling interest 2.8 2.7 Comprehensive income attributable to SCC $ 736.0 $ 813.2 The accompanying notes are an integral part of these condensed consolidated financial s