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Buenaventura (BVN) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
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Buenaventura Mining (BVN - Free Report) reported an adjusted loss per share of 1 cent in fourth-quarter 2023, which fell short of the Zacks Consensus Estimate of earnings of 16 cents per share. The company had reported a loss of 28 cents per share in the year-ago quarter.
Including one-time items, BVN reported a loss of 4 cents per share in the quarter against earnings per share of 21 cents in the fourth quarter of 2022. The company recorded a $113.2 million provision in the fourth quarter of 2023 due to an adverse ruling by the Peruvian Supreme Court regarding tax loss carryforwards from 2009 and 2010. This provision impacted Buenaventura’s earnings in the quarter.
Buenaventura Mining’s revenues rose 3.3% year over year to $254 million in the quarter under review. The company’s top line beat the Zacks Consensus Estimate of $225 million. Higher commodity prices and volumes of silver sold led to the improvement in revenues.
The increase in volumes was attributed to the 10,000 tons per day underground mine exploitation rate initiative at El Brocal and the restart of Uchucchacua and Yumpag. Ore processing was re-initiated at Uchucchacua and Yumpag in the fourth quarter of 2023 after the Uchucchacua processing plant had been placed under Care and Maintenance in the third quarter of 2021.
Buenaventura Mining Company Inc. Price, Consensus and EPS Surprise
EBITDA from direct operations in the fourth quarter of 2023 increased 51% to $116.4 million from $76.9 million in the year-ago quarter. EBITDA including affiliates was $202 million in the quarter under review compared with $196 million in the fourth quarter of 2022.
Buenaventura Mining ended the fourth quarter of 2023 with cash and cash equivalents of $219.8 million compared with $253.9 million at the end of the fourth quarter of 2022. As of Dec 31, 2023, the company’s net debt was $486.8 million with an average maturity of 2.5 years.
On Dec 14, 2023, Buenaventura Mining received $49 million in dividends associated with its stake in Cerro Verde.
Buenaventura’s Board of Directors proposed a dividend payment of 7.26 cents per share/American Depositary share.
Price Performance
Shares of Buenaventura Mining have surged 90.7% in the past year against the industry’s 9.8% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Buenaventura Mining currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 27% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 38.8% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares have rallied 106% in a year.
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Buenaventura (BVN) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
Buenaventura Mining (BVN - Free Report) reported an adjusted loss per share of 1 cent in fourth-quarter 2023, which fell short of the Zacks Consensus Estimate of earnings of 16 cents per share. The company had reported a loss of 28 cents per share in the year-ago quarter.
Including one-time items, BVN reported a loss of 4 cents per share in the quarter against earnings per share of 21 cents in the fourth quarter of 2022. The company recorded a $113.2 million provision in the fourth quarter of 2023 due to an adverse ruling by the Peruvian Supreme Court regarding tax loss carryforwards from 2009 and 2010. This provision impacted Buenaventura’s earnings in the quarter.
Buenaventura Mining’s revenues rose 3.3% year over year to $254 million in the quarter under review. The company’s top line beat the Zacks Consensus Estimate of $225 million. Higher commodity prices and volumes of silver sold led to the improvement in revenues.
The increase in volumes was attributed to the 10,000 tons per day underground mine exploitation rate initiative at El Brocal and the restart of Uchucchacua and Yumpag. Ore processing was re-initiated at Uchucchacua and Yumpag in the fourth quarter of 2023 after the Uchucchacua processing plant had been placed under Care and Maintenance in the third quarter of 2021.
Buenaventura Mining Company Inc. Price, Consensus and EPS Surprise
Buenaventura Mining Company Inc. price-consensus-eps-surprise-chart | Buenaventura Mining Company Inc. Quote
EBITDA from direct operations in the fourth quarter of 2023 increased 51% to $116.4 million from $76.9 million in the year-ago quarter. EBITDA including affiliates was $202 million in the quarter under review compared with $196 million in the fourth quarter of 2022.
Buenaventura Mining ended the fourth quarter of 2023 with cash and cash equivalents of $219.8 million compared with $253.9 million at the end of the fourth quarter of 2022. As of Dec 31, 2023, the company’s net debt was $486.8 million with an average maturity of 2.5 years.
On Dec 14, 2023, Buenaventura Mining received $49 million in dividends associated with its stake in Cerro Verde.
Buenaventura’s Board of Directors proposed a dividend payment of 7.26 cents per share/American Depositary share.
Price Performance
Shares of Buenaventura Mining have surged 90.7% in the past year against the industry’s 9.8% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Buenaventura Mining currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Ecolab Inc. (ECL - Free Report) and Alpha Metallurgical Resources, Inc. (AMR - Free Report) . Each of these three companies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 27% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 38.8% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares have rallied 106% in a year.