LONDON, November 24, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings coverage on Cia de Minas Buenaventura SAA (NYSE: BVN). On October 31, 2014, the company reported its non-GAAP financial results for Q3 FY14 (period ended October 30, 2014). Click on http://www.investor-edge.com/FreeReports to read our free earnings review on Cia de Minas Buenaventura SAA (Buenaventura). During Q3 FY14, the company's net income increased 20% on a Y-o-Y basis, while its total revenues fell by 8% from Q3 FY13. Our free coverage report can be accessed at:
http://www.investor-edge.com/register
Buenaventura saw a decline in its Q3 FY14 total revenues to $317.6 million from $345.8 million in Q3 FY13. Analysts from Bloomberg had expected the company to report revenues of $320.5 million. The company's Q3 FY14 royalty income decreased 10% to $9.5 million from $10.5 million in the year-ago quarter, mainly due to lower revenues at Yanacocha, wherein revenues fell by 10% on a Q-o-Q basis. Further, Buenaventura's net sales decreased to $308.1 million in Q3 FY14 from $335.3 million in Q3 FY13, primarily due to the lower provisional pricing for lead-silver and zinc-silver concentrates. The free research on BVN can be downloaded as in PDF format at:
http://www.Investor-Edge.com/BVNFreeReport
During Q3 FY14, the company's general and administrative expenses increased 24% Y-o-Y to $23.9 million, primarily due to a $1.9 million credit in the long term compensation provision in Q3 FY13. Buenaventura's Q3 FY14 total operating costs increased to $250.3 million from $248.3 million in Q3 FY13. The company's operating profit fell 60% to $26.2 million in Q3 FY14 from $64.6 million in Q3 FY13. The company's EBITDA from direct operations decreased 19% to $83.9 million in Q3 FY14, from $103.5 million in Q3 FY13. Buenaventura's EBITDA including affiliates fell by 15% to $200.8 million, from $237.6 million in the prior year quarter. Meanwhile, Buenaventura's Q3 FY14 net income increased to $78.3 million, from $65.2 million in Q3 FY13. On a per share basis, Buenaventura's net income rose to $0.31 per share from $0.26 per share in Q3 FY13. Buenaventura's reported quarter net income surpassed Bloomberg analysts' forecasts of $0.19 per share. The increase in net income is attributed to $59.9 million non-cash income from the Canteras del Hallazgo acquisition. Sign up and read the free analyst's notes on BVN at:
http://www.Investor-Edge.com/BVN-24112014
Buenaventura's gold equity production from direct operations decreased 6% Y-o-Y in Q3 FY14, mainly due to lower production in Orcopampa. Gold production including associated companies decreased 5% Y-o-Y due to lower production from Yanacocha. On the other hand, Silver equity production from direct operations increased 31% Y-o-Y, mainly due to higher production in Uchucchacua and El Brocal, while, Silver production including associated companies increased 6% on a Y-o-Y basis.
At the board of directors meeting held on October 30, 2014, Buenaventura declared a cash dividend for $0.023 per share / ADS, payable on November 28, 2014.
Stock Performance
On the day of the earnings release, October 31, 2014, Buenaventura's stock plummeted 8.64%, ending the session at $9.20. Since then, shares of the company have witnessed a mixed momentum. On the last close, Friday, November 21, 2014, the stock finished at $10.16, up 8.90%. The company's shares oscillated between $9.53 and $10.20 during the session. A total of 2.39 million shares were traded, which was above its three months average volume of 1.78 million shares. Over the previous three sessions, the company's shares have advanced 3.99%. However, the stock has declined 6.87% over the last one month and 9.45% from the beginning of 2014. Shares in Buenaventura closed below their 50-day and 200-day moving averages of $10.89 and $11.83, respectively. Furthermore, the stock has a Relative Strength Index (RSI) of 51.73. Visit Investor-Edge and access the latest research on BVN at:
http://www.Investor-Edge.com/BVNEarningsCoverage
Sneak Peek to Corporate Insider Trading
In the last one month Buenaventura has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on BVN is available at:
http://www.Investor-Edge.com/BVNInsiderTrading
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