Mining & Metals
Hudbay Minerals' Q1 Adjusted Earnings Rise YoY, Hits Quarterly Record
Hudbay Minerals (HBM.TO) reported an increase in first-quarter adjusted earnings year over year despite lower production.Adjusted net earnings attributable to owners were US$159.1 million, or $0.40 per share, up from $93.8 million, or $0.24 per share. The result exceeded the non-GAAP earnings per share consensus estimate of $0.34 for the first quarter, as compiled by FactSet.Revenue came in at $757.3 million, an increase from $594.9 million. The result beat the sales consensus estimate of $684.7 million for the first quarter, as compiled by FactSet.Adjusted EBITDA was $421.9 million, rising from $287.2 million.The company achieved record quarterly revenue, adjusted EBITDA and adjusted net earnings attributable to owners due to steady operating performance, expanding margins from stronger copper and gold exposure and a focus on cost control.The company produced 27,929 tonnes of copper, down from 30,958 tonnes. Gold production was 61,700 ounces, down from 73,784 ounces. Results were in line with quarterly cadence expectations, Hudbay said.Hudbay reaffirmed full-year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold.
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