Southern Copper Corporation · SCCO · FY2026 Q3 · Calendar Q4 2026
Southern Copper: Record Q3 results, projects advance amid execution risks
Southern Copper's record Q3 performance supports the case for resilient earnings while copper and by-product prices remain favorable. The next test is whether project execution and future production growth can offset lower ore grades and rising operational, political, weather, and capital-cost risks.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The quarter added evidence of strong price and by-product support, lower operating cash costs, and continued project progress. Tia Maria was reported at 50% completion with production expected in H1 2028, while the prior quarter had targeted start-up in H2 2027; risks around Peru operations and project execution remain.
Guidance delta
Guidance sentiment remained raised, while Tia Maria's stated production timing moved to H1 2028 from the prior H2 2027 start-up target.
Key takeaways
- Record Q3 sales, adjusted EBITDA, and net income were supported by stronger copper and by-product prices.
- Copper volume dipped slightly as lower Peruvian ore grades offset growth elsewhere, while by-product credits helped reduce operating cash costs.
- Tia Maria reached 50% completion; El Pilar, Cuajone, Los Chancas, and Michiquillay remain the main project milestones to monitor.
Management priorities
- Advance Tia Maria toward production in H1 2028.
- Progress El Pilar, Cuajone, Los Chancas, and Michiquillay development plans.
- Maintain cost efficiency and advance environmental, safety, and stakeholder initiatives.
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Try FN2 freeCompany context
Snapshot as of publicationSouthern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Mexico, the United States, Peru, Brazil, Chile, and Other American countries. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of copper-molybdenum concentrates and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of copper, molybdenum, zinc, silver, gold and lead.…
Basic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RS Reliance Steel & Aluminum Co. | FY2026 Q3 · Calendar Q4 2026 | +17.4% | -0.7% | Reliance posts record quarter as pricing and volume gains drive results |
| CRS Carpenter Technology Corporation | FY2027 Q1 · Calendar Q4 2026 | — | -22.3% | Carpenter Technology sees strong aerospace demand, maintains outlook |
| DOW Dow Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.2% | Dow Q3: Pricing, self-help and AI demand support outlook |
Latest beats and misses
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Missed on EPS
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- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
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- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
Get the SCCO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-22T22:05:49.270065+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T22:20:45.500053+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T22:20:45.496410+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.