News

Published on 14 Nov 2022 on Zacks via Yahoo Finance

Hecla Mining (HL) Q3 Earnings Beat Estimates, Revenues Lag


Article preview image

Hecla Mining HL reported a third-quarter 2022 adjusted loss per share of 2 cents compared with the Zacks Consensus Estimate of a loss of 4 cents per share. Earnings were impacted by lower realized prices for all metals, higher costs and lower revenue from the deferral of silver concentrate shipments from Greens Creek and Lucky Friday to fourth-quarter 2022.Including one-time items, HL reported a loss of 4 cents per share against break-even earnings in the prior-year quarter.The company’s revenues plunged 24% year over year to $146 million in the quarter under review. The top-line figure lagged the Zacks Consensus Estimate of $167 million.HL had deferred approximately 1 million ounces of silver, 1,800 ounces of gold, and 1,300 tons of lead in the silver concentrate shipments at Greens Creek to ensure adequate volumes of concentrate for cost-effective shipping. At Lucky Friday the deferral was due to a planned multi-week shutdown of the Trail smelter for maintenance. This along with lower realized metal prices impacted revenues in the quarter.Gold prices were 4.4% down year over year to $1,713 an ounce. The realized silver price was $18.30 per ounce in the quarter, plunging 24% from $23.97 in the last year’s quarter. Realized prices for lead and zinc were lower by 7% and 9% respectively.The total cost of sales declined 13% year on year to $138 million in the quarter. Gross profit plummeted 76% to $8.4 million on lower revenues and higher per-unit costs. The gross margin in the third quarter of 2022 was 5.8%, a 1240 basis point contraction from the year-ago quarter.The company reported an increase in exploration and pre-development expenses owing to increased exploration and drilling activity across its mines and projects during the exploration season. Adjusted EBITDA was $26.6 million, down from $49.4 million in the third quarter of 2021.The company reported cash costs per silver equivalent ounce and all-in sustaining costs (AISC) per silver ounce of $14.20 in the quarter, marking an 11% increase year over year. This was due to lower by-product credits attributable to lower lead and zinc production as well as lower prices.

Story continues

Production Numbers

NYSE.RS price evolution
NYSE.CMC price evolution
NYSE.ALB price evolution
NYSE.HL price evolution

Want to become a better investor?

Start tracking your investments with Statfolio

Sign up for free
Related News
Moody National Bank Trust Division Decreases Holdings in Albemarle Co. (NYSE:ALB)

Moody National Bank Trust Division lowered its stake in Albemarle Co. (NYSE:ALB – Free Report) by...

ETF DAILY NEWS 24 Mar 2024

Gulf International Bank UK Ltd Sells 1,069 Shares of Albemarle Co. (NYSE:ALB)

Gulf International Bank UK Ltd trimmed its stake in Albemarle Co. (NYSE:ALB – Free Report) by 9.7...

ETF DAILY NEWS 23 Mar 2024

BKM Wealth Management LLC Takes $95,000 Position in Albemarle Co. (NYSE:ALB)

BKM Wealth Management LLC acquired a new position in shares of Albemarle Co. (NYSE:ALB – Free...

ETF DAILY NEWS 20 Mar 2024

Investors Heavily Search Albemarle Corporation (ALB): Here is What You Need to Know

Albemarle (ALB) has been one of the most searched-for stocks on Zacks.com lately. So, you might w...

Zacks via Yahoo Finance 20 Mar 2024

Meck Mile offers race experience for runners of all experience levels

The Charlotte Sports Foundation and Albemarle Corporation are organizing the family-friendly even...

WSOC via Yahoo News 19 Mar 2024

Albemarle Co. (NYSE:ALB) Shares Sold by First Hawaiian Bank

First Hawaiian Bank cut its stake in Albemarle Co. (NYSE:ALB – Free Report) by 9.9% in the fourth...

ETF DAILY NEWS 19 Mar 2024

Powering Up to Solve Challenges in Energy Storage

Electric vehicles (EVs) were emerging, but—despite mounting pressure to decarbonize the energy se...

Newswise 19 Mar 2024

Daymark Wealth Partners LLC Purchases 391 Shares of Albemarle Co. (NYSE:ALB)

Daymark Wealth Partners LLC boosted its position in Albemarle Co. (NYSE:ALB – Free Report) by 2.1...

ETF DAILY NEWS 18 Mar 2024

Battery Boom Beneficiaries: 3 Lithium Stocks to Buy Before They Double

Among the various investment options, lithium stocks are worth considering for millionaire-making...

InvestorPlace 18 Mar 2024

3 Lithium Stocks With the Potential to Deliver Significant Returns in the Next 5 Years

Lithium carbonate prices are taking a dive due to a significant decline in demand from China. Aft...

InvestorPlace 18 Mar 2024