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Sociedad Minera Cerro Verde (CVERDEC1) investor relations material

Sociedad Minera Cerro Verde Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2024 earnings summary27 Jan, 2025

Executive summary

  • Net income for Q4 2024 reached US$200.7M, up from US$165.5M in Q4 2023, driven by higher copper sales volumes and improved molybdenum prices, partially offset by FX losses and higher income tax expense.

  • Annual investments in property, plant, and equipment totaled US$345.8M in 2024, up from US$312.2M in 2023.

  • Dividend distributions in 2024 amounted to US$850M, with US$400M approved in November and paid in December.

Financial highlights

  • Q4 2024 revenue was US$992.0M, up US$63.2M year-over-year, mainly due to higher copper volumes and molybdenum prices.

  • Q4 2024 gross margin improved to 35% from 31% in Q4 2023, as cost of sales dropped to 65% of net sales.

  • Net income for the full year 2024 was US$953.2M, up from US$779.0M in 2023.

  • Basic and diluted EPS for Q4 2024 was US$0.573, up from US$0.473 in Q4 2023; full-year EPS was US$2.723, up from US$2.225.

  • Operating cash flow for 2024 was US$1.70B, with cash and equivalents at year-end of US$689.7M.

Outlook and guidance

  • Management highlights competitive global production costs and strong shareholder backing as key strengths.

  • Ongoing capital projects include mine support equipment, new primary crushers, tailings dam projects, and leaching platform expansion.

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