Ero Copper Q3 2026: EPS Beats by 21%, Revenue Falls Short
As seen on the 24/7 Wall St. homepage on November 2, 2026.
Realized copper of $6.21 a pound versus $4.29 a year ago is doing the heavy lifting, even with revenue missing expectations. Net debt leverage fell to 0.5x from 1.2x, EPS of $1.22 beat consensus, and management raised gold guidance to 75,000-80,000 ounces.
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Ero Copper earned adjusted EPS of $1.22 in Q3 2026, beating consensus and marking the strongest beat in the company's recent earnings history. Revenue missed expectations even as the top line nearly doubled from a year earlier.
Realized copper prices averaged $6.21 per pound, up 45% from a year earlier, which is why earnings ran ahead of consensus while revenue disappointed. Copper production rose sequentially at both operations.
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Recovery of historic concentrate stockpiles at Xavantina lifted adjusted EBITDA to $200.6 million from a year earlier. Management raised full-year gold guidance to 75,000 to 80,000 ounces.
Net debt leverage fell to 0.5x from 1.2x at the end of 2025 on revolver repayments made during the quarter. CEO Makko DeFilippo called deleveraging one of the core commitments made to shareholders. With copper guidance held and Q4 expected to be the strongest quarter at both copper operations, the trajectory into year-end is intact.
Mentioned: ERO