Shares in Aurubis fell as much as 8.8% on Monday after third-quarter earnings at Europe’s largest copper producer missed expectations.
Third-quarter EBT at Aurubis’s custom smelting and products business was 82 million euros, also down 13% from fiscal 2021-22, the last comparable year after the company revised down last year’s results for the segment.One trader said the results left analysts’ EBT expectations for the year of 467 million euros looking “rather optimistic”.
Metzler analyst Thomas Schulte-Vorwick said the earnings miss was probably due to higher than expected costs related to the Hamburg shutdown and to a new plant being opened in the United States.
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