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TORONTO - Hudbay Minerals Inc . (NYSE:HBM) reported better-than-expected first quarter results on Monday, driven by strong gold production in Manitoba and effective cost control across its operations.
The company’s stock was unchanged in pre-market trading following the release.
The mining company posted adjusted earnings of $0.24 per share, exceeding analyst estimates of $0.18 per share. Revenue came in at $594.9 million, topping the consensus forecast of $567.67 million.
Hudbay achieved record adjusted EBITDA of $287.2 million in the quarter, representing a 12% increase from the previous quarter and a 34% rise year-over-year. The strong financial performance was attributed to record low consolidated cash costs and expanded operating margins across all business units.
Consolidated copper production of 30,958 tonnes in Q1 was in line with expectations, while gold production of 73,784 ounces exceeded quarterly targets due to outperformance in Manitoba. The company reaffirmed its full-year 2025 production guidance of 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold.
"Our strong results in the first quarter reflect stable copper production and complementary gold production from our enhanced operating platform, which continued to deliver significant free cash flows and industry-leading margins," said Peter Kukielski, President and CEO of Hudbay.
The company reported record low consolidated cash costs of -$0.45 per pound of copper produced, net of by-product credits. This compares to $0.45 per pound in the previous quarter, with the improvement driven by higher by-product credits and strong cost performance across operations.
Hudbay ended the quarter with $582.6 million in cash and cash equivalents. The company’s net debt to adjusted EBITDA ratio remained steady at 0.6x, significantly improved from 1.3x in the year-ago period.
Management highlighted progress on growth initiatives, including consolidating 100% ownership of the Copper Mountain mine and advancing the Copper World project in Arizona towards a potential sanction decision in 2026.
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