Hudbay Minerals (HBM) Misses Q1 EPS by 2c

Hudbay Minerals (NYSE: HBM) reported Q1 EPS of $0.16, $0.02 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $386.66 million versus the consensus estimate of $364.97 million.

Summary:

• Net profit of $41.4 million and earnings per share of $0.16 in the first quarter of 2018, compared to a net loss of $10.0 million (restated) and loss per share of $0.04 (restated) in the first quarter of 2017
• Operating cash flow1 of $131.8 million in the first quarter of 2018, a 64% increase from the first quarter of 2017
• Production of copper, gold and silver in concentrate increased by approximately 13%, 50% and 32%, respectively, in the first quarter of 2018 compared to the first quarter of 2017 as a result of higher milled throughput at all operations
• Reduced net debt2 position by $37.7 million and improved liquidity during the first quarter 2018; as at March 31, 2018, Hudbay had net debt of $585.4 million and total available liquidity of $810 million, including $392.8 million in cash
• Consolidated cash cost2, net of by-product credits, of $0.98 per pound of copper, an 11% increase from the first quarter of 2017
• Consolidated all-in sustaining cash cost2, net of by-product credits, of $1.45 per pound of copper in the first quarter of 2018, down slightly from $1.46 in the first quarter of 2017
• Peru precious metals production expected to be 15,000 ounces lower than initial guidance as a result of anticipated delay in mining of Pampacancha, with the majority of the estimated $45 million of Peru growth capital expected to be deferred to 2019; expected to meet all other production and cost guidance for 2018
• Test mining of Lalor gold Zone 25 has confirmed the possibility of utilizing selective methods for the gold zone to mine fewer tonnes at a higher grade than reported in the current mineral resource estimate; trade-off studies to assess the mining and processing options for the gold mineral resources at Lalor are ongoing

For earnings history and earnings-related data on Hudbay Minerals (HBM) click here.

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