Southern Copper Corp. Q3 2024 Update
Ticker: SCCO · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1001838
| Field | Detail |
|---|---|
| Company | Southern Copper CORP/ (SCCO) |
| Form Type | 10-Q |
| Filed Date | Oct 31, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, equity
TL;DR
SCC Q3 2024: Equity accounts like APIC and Treasury Stock show activity. Full details in 10-Q.
AI Summary
Southern Copper Corp. reported its third-quarter 2024 results, ending September 30, 2024. The company's financial statements indicate various equity transactions, including changes in Additional Paid-In Capital and Treasury Stock Common. Specific financial figures and detailed operational updates are available within the full filing.
Why It Matters
This filing provides insight into Southern Copper's financial health and equity structure, which can influence investor confidence and future capital allocation decisions.
Risk Assessment
Risk Level: low — This filing is a standard quarterly report with no immediate red flags or significant negative events indicated.
Key Numbers
- 2024-09-30 — Reporting Period End (As of this date, the company's financial position is reported.)
- 2024-12-31 — Fiscal Year End (The company's fiscal year concludes on this date.)
Key Players & Entities
- SOUTHERN COPPER CORP/ (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241031 (date) — Filing Date
- PE (location) — Country of Operation
- MX (location) — Country of Operation
FAQ
What were the significant changes in Southern Copper's Additional Paid-In Capital during the third quarter of 2024?
The filing indicates activity in 'us-gaap:AdditionalPaidInCapitalMember' for the period July 1, 2024, to September 30, 2024, and for the year-to-date period January 1, 2024, to September 30, 2024, as well as comparative periods in 2023.
How did Southern Copper's Treasury Stock Common balance change in Q3 2024?
The filing shows activity related to 'us-gaap:TreasuryStockCommonMember' for the period July 1, 2024, to September 30, 2024, and for the year-to-date period January 1, 2024, to September 30, 2024.
What is Southern Copper Corp.'s Standard Industrial Classification (SIC) code?
Southern Copper Corp.'s SIC code is 1000, categorized under METAL MINING.
When was Southern Copper Corp. previously known as Southern Peru Copper Corp?
The company's name changed from Southern Peru Copper Corp/ to Southern Copper Corp/ on July 26, 1996.
What is the business address and phone number for Southern Copper Corp.?
The business address is 7310 NORTH 16TH ST., SUITE 135, PHOENIX, AZ 85020, and the business phone number is 602-264-1375.
Filing Stats: 4,534 words · 18 min read · ~15 pages · Grade level 6.8 · Accepted 2024-10-31 15:41:10
Key Financial Figures
- $0.01 — registered: Common stock , par value $0.01 per share SCCO New York Stock Exchan
Filing Documents
- scco-20240930x10q.htm (10-Q) — 4477KB
- scco-20240930xex15d0.htm (EX-15.0) — 5KB
- scco-20240930xex31d1.htm (EX-31.1) — 11KB
- scco-20240930xex31d2.htm (EX-31.2) — 11KB
- scco-20240930xex32d1.htm (EX-32.1) — 6KB
- scco-20240930xex32d2.htm (EX-32.2) — 7KB
- scco-20240930x10q001.jpg (GRAPHIC) — 9KB
- 0001558370-24-014045.txt ( ) — 16256KB
- scco-20240930.xsd (EX-101.SCH) — 79KB
- scco-20240930_cal.xml (EX-101.CAL) — 64KB
- scco-20240930_def.xml (EX-101.DEF) — 315KB
- scco-20240930_lab.xml (EX-101.LAB) — 593KB
- scco-20240930_pre.xml (EX-101.PRE) — 422KB
- scco-20240930x10q_htm.xml (XML) — 4201KB
Financial Information
Part I. Financial Information : Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Earnings for the three and nine-month period ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine-month period ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the three and nine-month period ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity for the three and nine-month period ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8-36 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 37-59 Item 3. Quantitative and Qualitative Disclosure about Market Risk 60-61 Item 4.
Controls and procedures
Controls and procedures 62 Report of Independent Registered Public Accounting Firm 63
Other Information
Part II. Other Information : Item 1.
Legal Proceedings
Legal Proceedings 64 Item 1A.
Risk Factors
Risk Factors 64 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 64 Item 4. Mine Safety Disclosures 64 Item 6. List of Exhibits 65-68
Signatures
Signatures 69 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in millions, except for per share amounts) Net sales (including sales to related parties, see note 5) $ 2,930.9 $ 2,505.6 $ 8,649.0 $ 7,600.2 Operating cost and expenses: Cost of sales (exclusive of depreciation, amortization and depletion shown separately below) 1,223.1 1,175.7 3,629.6 3,517.6 Selling, general and administrative 31.2 32.7 96.0 94.1 Depreciation, amortization and depletion 213.1 212.5 631.7 625.4 Exploration 13.2 15.5 44.4 39.5 Total operating costs and expenses 1,480.6 1,436.4 4,401.7 4,276.6 Operating income 1,450.3 1,069.2 4,247.3 3,323.6 Interest expense ( 94.1 ) ( 94.2 ) ( 282.3 ) ( 282.3 ) Capitalized interest 11.0 12.7 35.5 36.5 Other income (expense) 21.2 8.9 20.3 24.9 Interest income 38.3 20.8 92.1 65.3 Income before income taxes 1,426.7 1,017.4 4,112.9 3,168.0 Income taxes (including royalty taxes, see Note 4) 526.4 395.3 1,528.6 1,170.2 Net income before equity earnings of affiliate 900.3 622.1 2,584.3 1,997.8 Equity earnings (loss) of affiliate, net of income tax ( 0.5 ) ( 0.1 ) 8.1 ( 10.3 ) Net income 899.8 622.0 2,592.4 1,987.5 Less: Net income attributable to the non-controlling interest 3.1 2.5 9.5 7.3 Net income attributable to SCC $ 896.7 $ 619.5 $ 2,582.9 $ 1,980.2 Per common share amounts attributable to SCC: Net earnings-basic and diluted $ 1.15 $ 0.80 $ 3.32 $ 2.56 Weighted average shares outstanding-basic and diluted 782.9 773.1 778.0 773.1 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents Southern Copper Corporation CONDENSED