HBM:CC - Hudbay slides after Q4 miss reduced 2023 production guidance

Hudbay Minerals ( NYSE: HBM ) -4.7% in Friday's trading to its lowest in three-and-a-half months after missing Q4 adjusted earnings expectations and trimming production guidance for 2023.

Q4 net loss increased to $17.4M, or $0.07/share, from $10.4M, or $0.04/share, in the year-earlier quarter, which the miner said was caused partly by a revaluation of the Flin Flon environmental reclamation provision.

Q4 revenues tumbled 24% Y/Y to $321.2M, also below analyst consensus, and Q4 adjusted EBITDA fell to $124.7M from $180.8M in the prior-year period.

Q4 copper production rose 4% Y/Y to 29,305 metric tons, citing higher copper grades in Peru, and gold production fell 16% Y/Y to 53,920 oz, as higher gold grades in Peru partially offset lower Lalor gold grades in Manitoba.

For FY 2023, Hudbay ( HBM ) forecast a 10% increase in consolidated copper production to 114K tons, helped by higher grades from the Pampacancha deposit in Peru, but it had guided for 133K tons as recently as January.

The miner also forecast full-year gold production will jump 30% to 285K oz, citing higher production in Peru and Manitoba, after previously guiding for 290K oz.

Hudbay Minerals ( HBM ) shares have lost 9.5% so far this year and 38% during the past 12 months .

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