Q2 24 EPS
$0.02
MISS 50.00%
Est. $0.04
Q2 24 Revenue
$245.7M
BEAT +12.07%
Est. $219.2M
vs S&P Since Q2 24
+163.0%
BEATING MARKET
HL +208.5% vs S&P +45.6%
Market Reaction
Did HL Beat Earnings? Q2 2024 Results
Hecla Mining delivered a mixed second quarter for 2024, posting revenue of $245.66 million, well ahead of the $219.20 million consensus estimate by 12.07% and up 37.9% year over year, yet falling short on the bottom line with earnings per share of $0… Read more Hecla Mining delivered a mixed second quarter for 2024, posting revenue of $245.66 million, well ahead of the $219.20 million consensus estimate by 12.07% and up 37.9% year over year, yet falling short on the bottom line with earnings per share of $0.02 against analyst expectations of $0.04, a 50% miss. The primary engine behind the revenue strength was a full quarter of Lucky Friday production following its January restart, combined with the ongoing ramp-up at Keno Hill and favorable silver pricing at $29.77 per ounce, which together pushed adjusted EBITDA to $90.89 million and swung free cash flow to a positive $28.30 million from negative $30.51 million in the prior quarter. The EPS shortfall reflected elevated costs at Keno Hill, where quarterly production expenses held near $27.40 million, along with a $3.50 million increase in G&A tied to former CEO retirement-related equity compensation. Looking ahead, Hecla maintained its 2024 silver production guidance of 16.5 to 17.5 million ounces, raised gold guidance to 126,000 to 138,000 ounces, and expects net leverage to return below 2.0x by year-end.
Key Takeaways
- • Full quarter of Lucky Friday production following restart in January 2024, achieving record mill throughput of 1,181 tpd
- • Higher realized prices for all metals including silver at $29.77/oz and gold at $2,338/oz
- • Keno Hill ramp-up with throughput exceeding 400 tpd and record 900,440 oz of silver produced
- • Strong by-product credits reducing consolidated silver cash costs to $2.08/oz
- • $17.8 million in Lucky Friday insurance proceeds received during the quarter
HL YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
HL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Hecla saw significant improvement in gross profit and free cash flow during the quarter - with our gross profit increasing more than 1.5 times over the prior quarter, and free cash flow generation of $28.3 million, which allowed us to reduce our net debt by $25.1 million. This financial performance was driven by strong results and free cash flow generated at Greens Creek and Lucky Friday, while Keno Hill's ramp-up progressed well with throughput in excess of 400 tpd. With this strong performance and favorable price environment, we will continue our focus on reducing debt while continuing to invest in our operations and exploration programs.”
— Cassie Boggs, Q2 2024 Earnings Press Release
HL Earnings Trends
HL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HL EPS Trend
Earnings per share: estimate vs actual
HL Revenue Trend
Quarterly revenue: estimate vs actual
HL Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.23 | $0.25 | +10.62% | $411.4M | -4.86% |
| Q4 25 BEAT FY | $0.18 | $0.20 | +10.19% | $448.1M | +26.13% |
| FY Full Year | — | $0.49 | — | $1.42B | — |
| Q3 25 BEAT | $0.09 | $0.12 | +26.45% | $409.5M | +26.36% |
| Q2 25 BEAT | $0.05 | $0.08 | +48.70% | $304.0M | +17.99% |
| Q1 25 BEAT | $0.05 | $0.05 | +0.20% | $261.3M | +9.50% |
| Q4 24 MISS FY | $0.05 | $0.02 | -61.24% | $249.7M | +4.18% |
| FY Full Year | — | $0.06 | — | $929.9M | — |
| Q3 24 MISS | $0.05 | $0.03 | -40.00% | $245.1M | +6.84% |
| Q2 24 MISS | $0.04 | $0.02 | -50.00% | $245.7M | +12.07% |
| Q1 24 | — | — | — | — | — |
| Q4 23 | — | — | — | — | — |
| Q3 23 | — | — | — | — | — |
| Q2 23 | — | — | — | — | — |