Canada's First Quantum Q2 adjusted EPS misses estimates on higher costs

First Quantum Minerals

28/07/2026 22:16

Overview
Canada copper and nickel miner's Q2 adjusted EPS missed analyst expectations
Q2 net earnings rose to $136 mln, helped by higher copper sales and prices
2026 guidance unchanged, but company warns of possible higher copper cash costs

Outlook
First Quantum maintains 2026 copper production guidance at 405,000 to 475,000 tonnes
Company expects 2026 copper C1 cash cost at $2.15–$2.40 per lb, but notes potential $0.25 per lb increase if fuel prices and Zambian kwacha rates persist
Company says global diesel price volatility and Zambian kwacha rates may impact costs in second half

Result Drivers
COBRE PANAMÁ RESTART - Early concentrate production from stockpiled ore at Cobre Panamá contributed to higher copper output in Q2
HIGHER COPPER PRICES - Improved realized copper prices and increased copper sales volumes benefited Q2 financial results
COST PRESSURES - Higher fuel prices and Zambian kwacha rates increased copper cash costs, partially offset by higher production at Sentinel

Company press release: ID:nGNX2fyLMR

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EPS
Miss
-$0.13
$0.05 (12 Analysts)
Q2 EPS
 
$0.16
 
Q2 Net Income
 
$136 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 5 "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 First Quantum Minerals Ltd is C$48.00, about 25% above its July 27 closing price of C$38.40
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 22 three months ago

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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.)