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Hecla Mining (HL) Q4 Earnings Miss Estimates, Revenues Beat
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Hecla Mining Company (HL - Free Report) reported a fourth-quarter 2023 adjusted loss per share of 4 cents, wider than the Zacks Consensus Estimate of a loss of 2 cents. The company reported earnings per share of 2 cents in the year-ago quarter.
Including one-time items, the company posted a loss of 7 cents per share compared with a loss of 4 cents in the prior-year quarter.
The company’s revenues decreased 17.5% year over year to $161 million in the quarter under review. The top-line figure, however, beat the Zacks Consensus Estimate of $151 million.
Hecla Mining Company Price, Consensus and EPS Surprise
Gold prices rose 13.7% year over year to $1,998 an ounce. The realized silver price was $23.47 per ounce in the quarter, up 6.5% from $22.03 in the prior-year quarter. Realized prices for lead and zinc were 3.8% and 12.1% higher, respectively.
The total cost of sales decreased 9.4% year over year to $154 million in the quarter. Gross profit declined 72.4% to $7 million. The gross margin in the fourth quarter of 2023 was 4.3% compared with 12.8% in the prior-year quarter.
The company reported $7 million in exploration and pre-development expenses in the quarter. Adjusted EBITDA was $37 million, down from $62 million in the fourth quarter of 2022.
Production Numbers
Hecla Mining reported a silver production of 2.94 million ounces in the fourth quarter of 2023, down 17% on a sequential basis. Production declined 20% from the fourth quarter of 2022.
Gold production was down 5% to 37,168 ounces from the third quarter of 2023. The same was down 15% from the prior-year quarter.
2023 Performance
The company delivered an adjusted loss per share of 1 cent in 2023. The Zacks Consensus Estimate was pegged at a loss of 3 cents. It reported adjusted earnings of 5 cents in 2022.
Including one-time items, Hecla Mining reported a loss of 14 cents per share compared with a loss per share of 7 cents in the prior year.
The company’s revenues grew 0.2% year over year to $720 million in 2023. The top-line figure missed the Zacks Consensus Estimate of $724 million.
Financial Position
Hecla Mining ended 2023 with $106 million of cash and cash equivalents, up from the $105 million held at the end of 2022. The cash flow from operating activities was $75 million in 2023 compared with an inflow of $90 million in the prior year.
Guidance
HL expects consolidated silver production at 16.5-17.5 million ounces in 2024. Production is expected to rise over the next three years, reaching 18-20 million ounces by 2026. Consolidated gold production is anticipated to be 121-133 thousand ounces in 2024. As the Casa Berardi mine transitions to a surface only operation this year, production is expected to be lower compared to 2022.
Price Performance
Shares of Hecla Mining have gained 29.8% in the past year compared with industry's fall of 15%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Hecla Mining currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 29.8% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 34.3% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares rallied 132% last year.
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Hecla Mining (HL) Q4 Earnings Miss Estimates, Revenues Beat
Hecla Mining Company (HL - Free Report) reported a fourth-quarter 2023 adjusted loss per share of 4 cents, wider than the Zacks Consensus Estimate of a loss of 2 cents. The company reported earnings per share of 2 cents in the year-ago quarter.
Including one-time items, the company posted a loss of 7 cents per share compared with a loss of 4 cents in the prior-year quarter.
The company’s revenues decreased 17.5% year over year to $161 million in the quarter under review. The top-line figure, however, beat the Zacks Consensus Estimate of $151 million.
Hecla Mining Company Price, Consensus and EPS Surprise
Hecla Mining Company price-consensus-eps-surprise-chart | Hecla Mining Company Quote
Gold prices rose 13.7% year over year to $1,998 an ounce. The realized silver price was $23.47 per ounce in the quarter, up 6.5% from $22.03 in the prior-year quarter. Realized prices for lead and zinc were 3.8% and 12.1% higher, respectively.
The total cost of sales decreased 9.4% year over year to $154 million in the quarter. Gross profit declined 72.4% to $7 million. The gross margin in the fourth quarter of 2023 was 4.3% compared with 12.8% in the prior-year quarter.
The company reported $7 million in exploration and pre-development expenses in the quarter. Adjusted EBITDA was $37 million, down from $62 million in the fourth quarter of 2022.
Production Numbers
Hecla Mining reported a silver production of 2.94 million ounces in the fourth quarter of 2023, down 17% on a sequential basis. Production declined 20% from the fourth quarter of 2022.
Gold production was down 5% to 37,168 ounces from the third quarter of 2023. The same was down 15% from the prior-year quarter.
2023 Performance
The company delivered an adjusted loss per share of 1 cent in 2023. The Zacks Consensus Estimate was pegged at a loss of 3 cents. It reported adjusted earnings of 5 cents in 2022.
Including one-time items, Hecla Mining reported a loss of 14 cents per share compared with a loss per share of 7 cents in the prior year.
The company’s revenues grew 0.2% year over year to $720 million in 2023. The top-line figure missed the Zacks Consensus Estimate of $724 million.
Financial Position
Hecla Mining ended 2023 with $106 million of cash and cash equivalents, up from the $105 million held at the end of 2022. The cash flow from operating activities was $75 million in 2023 compared with an inflow of $90 million in the prior year.
Guidance
HL expects consolidated silver production at 16.5-17.5 million ounces in 2024. Production is expected to rise over the next three years, reaching 18-20 million ounces by 2026. Consolidated gold production is anticipated to be 121-133 thousand ounces in 2024. As the Casa Berardi mine transitions to a surface only operation this year, production is expected to be lower compared to 2022.
Price Performance
Shares of Hecla Mining have gained 29.8% in the past year compared with industry's fall of 15%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Hecla Mining currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Ecolab Inc. (ECL - Free Report) and Alpha Metallurgical Resources, Inc. (AMR - Free Report) . These three companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 29.8% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 34.3% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares rallied 132% last year.