off-the-wire

UPDATE 1-Aurubis raises 2023 profit forecast

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds reasons for beat, Q2 figure, background, share move) April 21 (Reuters) - Aurubis on Friday raised its operating core profit guidance for 2023, as it reported better-than-expected preliminary earnings in the first half of the year. It cited increased treatment and refining charges for concentrates, a significantly higher copper premium and strong demand for wire rod at higher prices as reasons.


The company now anticipates operating earnings before taxes (EBT) of between 450 million and 550 million euros ($493.92-603.68 million) for the current year, compared to an earlier forecast of 400 to 500 million euros. Operating earnings before tax came in at 291 million euros for the first half of the 2022/23 fiscal year, compared with analyst estimates of 260 million euros in a company-provided poll. For the second quarter, operating EBT was 166 million euros, down from 168 million a year ago. Europe's biggest copper smelter said in October it would charge its European customers a premium of $228 per tonne above the benchmark London Metal Exchange (LME) price in 2023. Aurubis' shares were down 1.7% at 1453 GMT, reversing course after rising as much as 3.4% on the news.


($1 = 0.9111 euros) (Reporting by Linda Pasquini Editing by Madeline Chambers)

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