MMG Full Year 2024 Earnings: EPS Misses Expectations

MMG (HKG:1208) Full Year 2024 Results

Key Financial Results

• Revenue: US$4.48b (up 3.1% from FY 2023).
• Net income: US$161.9m (up by US$152.9m from FY 2023).
• Profit margin: 3.6% (up from 0.2% in FY 2023).
• EPS: US$0.015 (up from US$0.001 in FY 2023).

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1208 Production and Reserves

Copper

• Production: 0.355 Mt (0.303 Mt in FY 2023)
• Proved and probable reserves (ore): 854.5 Mt (787.2 Mt in FY 2023)
• Number of mines: 4 (3 in FY 2023)

Zinc

• Production: 0.22 Mt (0.203 Mt in FY 2023)
• Proved and probable reserves (ore): 28.7 Mt (24.5 Mt in FY 2023)
• Number of mines: 2 (2 in FY 2023)

Lead

• Production: 41,660 t (39,054 t in FY 2023)
• Proved and probable reserves (ore): 28.7 Mt (24.5 Mt in FY 2023)
• Number of mines: 2 (2 in FY 2023)

All figures shown in the chart above are for the trailing 12 month (TTM) period

MMG EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%.

The primary driver behind last 12 months revenue was the Las Bambas segment contributing a total revenue of US$2.98b (66% of total revenue). Notably, cost of sales worth US$2.35b amounted to 52% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to US$1.01b (51% of total expenses). Explore how 1208's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Metals and Mining industry in Hong Kong.

Performance of the Hong Kong Metals and Mining industry.

The company's shares are up 5.7% from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for MMG (1 is a bit unpleasant!) that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.