Southern Copper - News
Ticker Symbol: PCU
Southern Copper News - Past
On May 11, SCC released its earnings report. Because of the current economic downswing, metal prices have decreased resulting in a reduction of SCC's revenues. Net sales were affected by this change and in the first quarter of 2009 SCC sales of $622 million (down 58.5% compared to 2008's first quarter report). Earnings per share were about $.09/share (down from $.64/share this time last year). In order to counteract the effects of the economy, SCC has focused on controlling costs and developing a conservative capital structure. They are also working to decrease their capital expenditures by limiting their expansion projects and are instead using this spending to decrease costs and/or increase production at their current facilities.
Southern Copper News - Upcoming
Currently, SCC is facing a strike in its facilities in Cananea, San Martin and Taxco. These strikes, which began in July 2007, have not yet been resolved and had significantly affected the company's production levels. However, the Mexican Labor Court recently issued a resolution in favor of SCC effectively terminating the labor relationships with the unionized employees. SCC is now looking into the costs associated with resuming operations at its Cananea plant and is the process of negotiating the compensation of the workers.
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