We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Hecla Mining (HL) Q4 Earnings Miss Estimates, Revenues Beat
Read MoreHide Full Article
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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
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.