Canada's Ero Copper Q1 revenue beats analyst expectations

Ero Copper

04/05/2026 22:18

Overview

Canada's copper and gold miner's Q1 revenue beat analyst expectations

Q1 adjusted EBITDA was a slight beat versus analyst expectations

Company reaffirmed 2026 production, cost, and capital expenditure guidance

Outlook

Ero Copper reaffirms 2026 copper production guidance at 67,500-77,500 tonnes

Company maintains 2026 copper C1 cash cost guidance at $2.15-$2.35/lb

Full-year capital expenditure guidance remains at $275-$320 mln

Result Drivers

LOWER GRADES & RAINFALL IMPACT - Caraíba copper production was affected by lower processed grades due to mine sequencing and reduced output from Surubim open pit, which was impacted by seasonal rainfall

PLANNED GRADE MODERATION OFFSET BY THROUGHPUT - Tucumã copper production reflected a planned moderation in processed grades, partially offset by higher plant throughput after mill liner maintenance

VENTILATION UPGRADES & RAIN IMPACT - Xavantina gold production was lower due to necessary ventilation and cooling infrastructure upgrades and heavy rainfall, which extended concentrate drying times and impacted sales volumes

Company press release: ID:nGNX9hjm1B

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$263.20 mln
$256.90 mln (5 Analysts)
Q1 EPS
$0.69
Q1 Adjusted Net Income
$72.40 mln
$53 mln (1 Analyst)
Q1 Net Income
$109.30 mln
Q1 Adjusted EBITDA
Slight Beat*
$125.20 mln
$124.80 mln (8 Analysts)
Q1 Cash Flow from Operations
$92.80 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the specialty mining & metals peer group is "buy"

Wall Street's median 12-month price target for Ero Copper Corp is C$50.00, about 46% above its May 1 closing price of C$34.25

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)