By Bernadette Hogg and Isabel Demetz
(Reuters) – Aurubis, Europe’s largest copper producer, reported first-quarter pretax profit above market expectations on Thursday, lifted by an overall positive business environment.
Quarterly earnings before tax rose 17% to 130 million euros ($135.02 million) in the first quarter through December, from 111 million euros a year earlier. That beat analysts’ expectations of 126 million euros in a company-provided poll.
Aurubis attributed the result to significantly higher metal prices and robust earnings from copper product sales, as well as considerably increased sulfuric acid revenue and lower costs.
CEO Toralf Haag said the metals refiner’s cash flow improved, despite investments in the company’s international network of smelters.
“This endorses our solid business model, successful even in macroeconomically challenging times,” Haag said in a statement, adding that Aurubis’ metals are key to the energy and mobility transitions.
The Hamburg-based company recycles raw materials into products such as anodes, cathodes and wire rods, which are used by the energy and car industries, among others.
The metals refiner, which launched a new recycling smelter in Richmond County, Georgia, in September 2024, said a slight reduction in earnings in its Multimetal Recycling segment was due to higher investment costs at the site.
Aurubis also confirmed its outlook for the current fiscal year.
Shares were up 1.3% in early Frankfurt trade after the results, with a local trader saying they expect a positive market reaction on the profit beat.
($1 = 0.9628 euros)
(Reporting by Bernadette Hogg and Isabel Demetz; Editing by Jacqueline Wong, Subhranshu Sahu and Gerry Doyle)
