Q3 24 EPS
$0.03
MISS 40.00%
Est. $0.05
Q3 24 Revenue
$245.1M
BEAT +6.84%
Est. $229.4M
vs S&P Since Q3 24
+138.2%
BEATING MARKET
HL +163.9% vs S&P +25.7%
Market Reaction
Did HL Beat Earnings? Q3 2024 Results
Hecla Mining delivered a mixed third quarter for 2024, posting revenue of $245.09 million, a 34.7% jump year-over-year that cleared the $229.40 million consensus estimate by 6.84%, yet falling short on the bottom line as adjusted EPS of $0.03 missed … Read more Hecla Mining delivered a mixed third quarter for 2024, posting revenue of $245.09 million, a 34.7% jump year-over-year that cleared the $229.40 million consensus estimate by 6.84%, yet falling short on the bottom line as adjusted EPS of $0.03 missed the $0.05 consensus by 40.00%. The earnings shortfall traced largely to a cluster of non-operational charges, including a $14.50 million non-cash write-down on its remote vein miner, $13.70 million in ramp-up and suspension costs at Keno Hill, and a $3.20 million foreign exchange loss, which together dragged GAAP net income down sharply to $1.62 million from $27.73 million in the prior quarter. On a brighter note, the company cut total debt by $50.60 million to $539.80 million, bringing net leverage to 1.8x. Looking ahead, Hecla trimmed its 2024 silver production guidance to 16.0 to 17.0 million ounces while affirming gold guidance, with a leadership transition to incoming CEO Rob Krcmarov expected to shape 2025 targets when full-year results are released in February.
Key Takeaways
- • Silver contributed 45% and gold 32% of quarterly revenues
- • Greens Creek generated $46.9 million in free cash flow and $54.1 million in cash flow from operations
- • Lucky Friday achieved second-highest mill throughput in its 80-year history at 1,133 tpd
- • Silver operations generated $170 million in year-to-date free cash flow
- • Higher realized gold prices offset lower realized silver, zinc, and lead prices
- • Insurance proceeds of $14.8 million collected, completing the $50 million Lucky Friday underground insurance claim
HL YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
HL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Hecla produced 3.6 million ounces of silver in the third quarter, bringing year-to-date production to 12.3 million ounces. Lucky Friday had a strong quarter as the mill achieved the second-highest throughput in its 80-year history after a record last quarter. While Greens Creek's silver production was lower than anticipated due to five days of unplanned mill maintenance in the third quarter, our team was able to complete the maintenance quickly and complete a portion of our fourth quarter scheduled maintenance simultaneously. Strong performance from our silver operations has generated free cash flow of $170 million year-to-date, which along with opportunistic use of our ATM program, has allowed us to substantially repay outstanding borrowings on our revolving credit facility, reducing total debt by $50.6 million.”
— Cassie Boggs, Q3 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 | — | — | — | — | — |