Canada's Hudbay Minerals Q3 revenue beats estimates on higher output
HBM•Hudbay Minerals reported record third-quarter revenue of $765.9 million, above the $725.51 million estimate, while adjusted EPS of $0.34 missed the $0.35 estimate. The company reaffirmed 2026 production guidance and improved its cash cost guidance.
1. Revenue and production
Hudbay Minerals said third-quarter revenue reached a record $765.9 million, beating analyst expectations, while adjusted EPS of $0.34 missed estimates of $0.35. Net earnings were $151 million and adjusted EBITDA was $413.4 million. Copper production rose 7% and gold production rose 36% from the second quarter, supported by record mill throughput at Constancia and New Britannia.
2. 2026 cost guidance
The company reaffirmed 2026 copper production guidance of 110,000 to 138,000 tonnes and gold production guidance of 217,000 to 272,000 ounces. It improved its 2026 cash cost guidance to a range of negative $0.55 to negative $0.35 per pound of copper, from negative $0.45 to negative $0.25, and sustaining cash cost guidance to $1.40-$1.80 per pound from $1.70-$2.10.
