Aurubis Copper Profit Soars on Higher Metal Prices
Aurubis, Europe's largest copper producer, has seen its profit expectations soar to the upper end of its previously guided range due to higher metal prices. The German company reported a significant boost in revenue growth in the third quarter, driven by rising copper prices and increased sulfuric acid revenue.
The company's operating pre-tax earnings rose by approximately 33% to €374 million ($432 million) for the nine months through June, surpassing analysts' expectations of €363 million. This growth is attributed to the increasing demand for copper in emerging industries such as renewable energy and defense, as well as its use in data centers and electrification.
Aurubis now expects operating pre-tax earnings to be at the upper end of the €425-525 million full-year range. The company's recycling unit also contributed to the performance with an improved intake.