- Ero Copper press release ( NYSE: ERO ): Q2 GAAP EPS of $0.27.
- Revenue of $114.9M (-4.8% Y/Y) misses by $5.64M .
- The Company is reaffirming its full-year production guidance, lowering consolidated 2022 capital expenditure guidance, and raising operating cost guidance for the year.
- The Company is lowering its consolidated 2022 capital expenditure guidance by over $20 million, from $330-$375 million to $308-$354 million, as a result of capital replanning efforts and deferrals at the Caraíba Operations. The deferral of this capital spend is not expected to impact timelines of the Company's key growth projects.
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- The Company is raising its full-year operating cost guidance ranges due to the impact of inflation in the cost of key consumables and a stronger BRL versus the US dollar during H1 2022 as well as an expected continuation of elevated copper concentrate sales to international markets in H2 2022. The Company's revised 2022 copper C1 cash cost guidance range is $1.20 to $1.35 (originally $1.05 to $1.15) per pound of copper produced. The Company is also increasing its 2022 gold C1 cash costs and AISC guidance ranges to $600 to $700 (previously $500 to $600) and $1,000 to $1,100 (previously $925 to $1,025), respectively, per ounce of gold produced for its Xavantina Operations.
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Ero Copper GAAP EPS of $0.27, revenue of $114.9M misses by $5.64M