Ero Copper Corp. (NYSE:ERO) Q2 2023 Earnings Conference Call August 4, 2023 11:30 AM ET
Company Participants
Courtney Lynn - Vice President, Corporate Development & Investor Relations
David Strang - Co-founder & Chief Executive Officer
Makko DeFilippo - President & Chief Operating Officer
Wayne Drier - Chief Financial Officer
Conference Call Participants
Dalton Baretto - Canaccord Genuity
Orest Wowkodaw - Scotiabank
Gordon Lawson - Paradigm Capital
Stefan Ioannou - Cormark Securities
Jackie Przybylowski - BMO Capital Markets
Operator
Thank you for standing by. This is the conference operator. Welcome to the Ero Copper Second Quarter 2023 Financial and Operating Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Courtney Lynn, Vice President, Corporate Development and Investor Relations for opening remarks. Please go ahead.
Courtney Lynn
Thank you operator. Good morning, and welcome to Ero Copper's second quarter 2023 earnings call. Our operating and financial results were released yesterday afternoon and are available on our website as are our financial statements and MD&A for the three and six months ended June 30, 2023.
On the call with me today are David Strang, Ero's Co-founder and Chief Executive Officer; Makko DeFilippo, President and Chief Operating Officer; and Wayne Drier, Chief Financial Officer. We will be making forward-looking statements that involve risks and uncertainties from which actual results may differ materially. We would refer you to our most recent annual information form available on our website SEDAR and EDGAR for a discussion of the risk factors of our business and their potential impact on future performance. As a reminder and unless otherwise noted, all amounts are in US dollars.
I will now pass the call over to David Strang.
David Strang
Thank you, Courtney, and thank you, everybody for joining us today. During the second quarter we continued to navigate a dynamic macroeconomic environment as we observed strengthening fundamentals in global copper demand while at the same time experiencing softer copper prices, driven by global economic concerns. The transition to clean energy has intensified the need by governments and downstream industries to secure critical minerals supply, as evidenced by impressive investments from non-traditional investors across the copper sector. Despite this positive backdrop, we saw lower copper prices during the period as well as a stronger Brazilian real.
However, we're able to offset the impact of these changes in the copper price and exchange rate through the strong execution of our full year operating plan. This resulted in a noteworthy increase in copper production of nearly 30% compared to the first quarter. Additionally, our Xavantina operations performed well, contributing to adjusted EBITDA of $49.1 million and adjusted net income attributable to the owners of the company of $22.3 million or $0.24 per share on a fully diluted basis.