Southern Copper (SCCO) Q3 2025 Earnings
How Did SCCO Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +0.25%.
Did SCCO Beat Earnings? Q3 2025 Results
Yes. Southern Copper reported Q3 2025 earnings of $1.35 a share on Oct 28, 2025, beating the $1.26 consensus estimate by 7.2%. Revenue was $3.4B against a $3.2B estimate.
Southern Copper delivered a strong third quarter in 2025, beating Wall Street expectations on both the top and bottom lines as favorable metal prices and a surge in by-product production lifted results well above forecasts. The company posted earnings per share of $1.35, ahead of the $1.26 consensus estimate by 7.20%, while revenue of $3.38 billion topped expectations by 5.15% and grew 15.2% from the year-ago period. The single most decisive driver was a dramatic reduction in operating cash cost per pound of copper, which fell 44.7% to $0.42, powered largely by a 46.3% year-over-year surge in zinc production and a 16.4% rise in silver output that collectively transformed by-product credits into a meaningful earnings lever. Adjusted EBITDA climbed 17.3% to $1.98 billion, with margins widening to 58.5%. Looking ahead, the company's multi-decade growth program, anchored by the Tía María project now 23% complete and on track to produce 120,000 tonnes of copper cathodes annually beginning in 2027, reflects management's confidence that copper's long-term demand fundamentals, increasingly supported by AI infrastructure buildout, remain firmly intact.
- Higher metal prices: copper LME +6.5%, COMEX +14.2%; silver +34.4%; molybdenum +12.1%; zinc +1.6% vs Q3 2024
- Strong by-product production growth: zinc +46.3%, silver +16.4%, molybdenum +8.3% year-over-year
- Operating cash cost per pound of copper dropped 44.7% to $0.42 net of by-product credits
- Higher by-product revenue credits driven by improved sales volumes and prices
- Buenavista zinc concentrator production increased 108.2%
“We are very pleased with our third-quarter results, where our performance delivered new Company records for net sales, adjusted EBITDA and net income. These milestones are a testament to the strength of our strategy, execution and commitment to sustainable growth. This strong performance was primarily driven by a rise in by-product production and improved metal prices across all our products. Zinc production rose 46.3%, mainly on the back of notable production at our Buenavista zinc concentrator. Silver and molybdenum output grew 16.4% and 8.3%, respectively. The combination of higher production volumes and better copper and by-product prices enabled us to achieve a cash cost of $0.42 per pound of copper in 3Q25, one of the industry's lowest.”
Southern Copper CEO, on the earnings call
What Was Southern Copper's Outlook in Q3 2025?
SCC maintains a long-term strategic goal to produce 1.6 million tonnes of copper at the lowest possible cost per pound. The company's capital investment program for this decade exceeds $15 billion, with over $10.3 billion earmarked for Peruvian projects. The Tía María project is 23% complete with production expected to begin in 2027, producing 120,000 tonnes of copper cathodes annually. Los Chancas is expected to begin operations in 2030-2031, and Michiquillay by 2032. The company is confident that long-term fundamentals of copper and other metal prices will remain very positive and notes that recent US tariff policy changes have had limited impact on results.
SCCO YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.4B | $2.9B | +15.2% |
| Operating Income | $1.8B | $1.5B | +22.0% |
| Net Income | $1.1B | $896.7M | +23.5% |
| Gross Profit | $2.0B | $1.5B | +36.4% |
Figures from SEC filings and company reports. Not investment advice.