Hudbay Minerals (NYSE: HBM) saw its stock surge 6.49% in pre-market trading on Monday following the release of its impressive first-quarter financial results. The mining company significantly outperformed analysts' expectations for both earnings and revenue.
According to the report, Hudbay posted quarterly adjusted earnings of $0.24 per share, doubling the analyst consensus estimate of $0.12. This represents a substantial 41.18% increase from the $0.17 per share reported in the same quarter last year. On the revenue front, the company reported $594.9 million, surpassing the analyst consensus estimate of $573.89 million by 3.59%. This marks a 13.24% year-over-year increase from $524.99 million.
The strong performance can be attributed to low consolidated cash cost and successful execution of planned strategies. Despite a decrease in production across most metals, with copper output falling over 11% and gold and silver production down 18% and 3% respectively, the company managed to improve its financial results. Hudbay's President and CEO credited the performance to low consolidated cash cost and effective strategy execution. The company maintains its full-year guidance of 117,000 to 149,000 tons of copper and 247,500 to 308,000 ounces of gold production.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.