{"id":5422,"date":"2011-10-29T13:57:01","date_gmt":"2011-10-29T17:57:01","guid":{"rendered":"http:\/\/www.pgm-blog.com\/?p=5422"},"modified":"2011-10-29T13:57:01","modified_gmt":"2011-10-29T17:57:01","slug":"southern-copper-reports-q3-2011-financial-results-and-declares-dividend","status":"publish","type":"post","link":"https:\/\/www.pgmcapital.com\/nl\/southern-copper-reports-q3-2011-financial-results-and-declares-dividend\/","title":{"rendered":"Southern Copper Reports Q3-2011 Financial Results and Declares Dividend"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5423\" title=\"Southern Copper Toquepala Mine\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2011\/10\/Southern-Copper-Toquepala-Mine.jpeg\" alt=\"\" width=\"259\" height=\"194\" \/><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5424 alignright\" title=\"Southern-Copper Logo\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2011\/10\/Southern-Copper-Logo.jpg\" alt=\"\" width=\"207\" height=\"69\" \/><\/p>\n<p>Dear <strong>PGM CAPITAL<\/strong> Blog readers,<br \/>\nOn Friday , October 28 2011, after the bell, <strong>Southern Copper Corporation<\/strong>\u00a0(NYSE:\u00a0SCCO) reported its Q3-2011 financial results.<\/p>\n<p><strong>Highlights:<\/strong><\/p>\n<ul>\n<li>Third quarter 2011 sales were <strong>US$1,745.9 million<\/strong>, <strong><span style=\"color: #339966;\">38.8% higher<\/span><\/strong> than the US$1,257.9 million in the Q3-2010. Nine month 2011 sales were <strong>US$5,149.4\u00a0<\/strong><strong>million<\/strong>, <span style=\"color: #339966;\"><strong>41.1% higher<\/strong><\/span> than the $3,650.5 million in the first nine months of 2010.<\/li>\n<li>Net income in Q3-2011 was <strong>US$663.0 million<\/strong>, <span style=\"color: #339966;\"><strong>81.5% higher<\/strong><\/span> than the US$365.2 million in Q3-2010. Net income for the 9M11 was <strong>US$1,799.5 million<\/strong>, <span style=\"color: #339966;\"><strong>69.5% higher<\/strong><\/span> than the \u00a0US$1,061.8 million in the 9M10.<\/li>\n<li>Copper mined production in Q3-2011 <span style=\"color: #339966;\"><strong>increased by 24.4%<\/strong><\/span> to <strong>155,689 tons<\/strong> compared to 125,192 tons in the Q3-2010.<\/li>\n<li>On October 27, 2011, the Board of Directors authorized a dividend of <strong>US$ 0.70<\/strong> per share to be paid on November 29, 2011 to the Company\u2019s shareholders of record\u00a0at the close of business on November 16, 2011.<\/li>\n<\/ul>\n<p><a title=\"Southern Copper Corporation Reports Third Quarter and Nine Month 2011 Results\" href=\"http:\/\/www.southerncoppercorp.com\/ENG\/invrel\/INFDLPressRelease\/pr111028.pdf\" target=\"_blank\">Source:<\/a><\/p>\n<p>Based on yesterday\u2019s blockbuster quarter report, \u00a0its closing price of\u00a0<strong>US$ 32.46<\/strong>, a dividend yield of\u00a0<strong>7.7%<\/strong>,\u00a0<em>(based on yesterday closing price)<\/em>\u00a0and a forward\u00a0<strong>P\/E \u00a0of 9<\/strong>,<strong>4<\/strong>\u00a0\u00a0we have a <span style=\"color: #339966;\"><strong>STRONG BUY<\/strong><\/span><span style=\"color: #339966;\"><strong> rating<\/strong><\/span> on the company.<\/p>\n<p><strong>Disclosure:<\/strong><br \/>\n<em>We own Southern Copper Corporation in our personal portfolio and those of most clients since October 2008.<\/em><\/p>\n<p>Last be but not least, before following any investing advice, always take your investment horizon and risk tolerance into consideration and keep in mind that the price of Commodities as well as the stocks of their producers can be very\u00a0volatile and that sharp corrections might happen in the short term.<\/p>\n<p>Yours sincerely<\/p>\n<p>Eric Panneflek<br \/>\nChairman<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear PGM CAPITAL Blog readers, On Friday , October 28 2011, after the bell, Southern Copper Corporation\u00a0(NYSE:\u00a0SCCO) reported its Q3-2011 financial results. Highlights: Third quarter 2011 sales were US$1,745.9 million, 38.8% higher than the US$1,257.9 million in the Q3-2010. Nine month 2011 sales were US$5,149.4\u00a0million, 41.1% higher than the $3,650.5 million in the first nine<a href=\"https:\/\/www.pgmcapital.com\/nl\/southern-copper-reports-q3-2011-financial-results-and-declares-dividend\/\">[&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,25,23,9,10,19,15,1,18],"tags":[],"class_list":["post-5422","post","type-post","status-publish","format-standard","hentry","category-commodities","category-dividend-declaration","category-earnings-report","category-emerging-markets","category-eric-panneflek","category-financial-news","category-pgm-capital","category-uncategorized","category-world-economic-outlook"],"_links":{"self":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/comments?post=5422"}],"version-history":[{"count":0,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5422\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/media?parent=5422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/categories?post=5422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/tags?post=5422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}