Hecla Mining Q3 Revenue Tops Estimates Despite Mine Disruption

Dow Jones2023-11-07

Hecla Mining's revenue topped estimates in the third quarter on higher prices for certain metals and higher sales volumes of gold.

The Coeur D'Alene, Idaho-based mining company reported a loss of $22.4 million, or 4 cents a share, in the quarter ended Sept. 30, compared with a loss of $23.7 million, or 4 cents a share, a year earlier. Analysts polled by FactSet expected a per-share profit of 1 cent.

Stripping out certain one-time items, the adjusted per-share loss came to 1 cent, in line with analysts' estimates, according to FactSet.

Revenue rose to $181.9 million from $146.3 million a year ago, beating the $174.5 million expected by analysts polled by FactSet.

The company's top line grew sequentially in the quarter due to higher prices for silver, lead and zinc and greater gold sales volumes. Hecla saw lower realized gold prices and sales volumes of silver, lead and zinc due to the suspension of production at the Lucky Friday mine following a fire.

Hecla has suspended production at Lucky Friday for the remainder of 2023.

Stocks slid over 1% in extended trading on Monday.

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