HECLA MINING ($NYSE:HL) reported their financials for the second quarter of FY2023 (ending June 30 2023) on August 9 2023, with total revenue of USD 178.1 million, a decrease of 6.9% compared to the same period last year. Net income for the quarter was USD -15.7 million, compared to the previous year’s -13.5 million.
The results varied from expectations and caused a dip in the company’s stock prices. The stock opened at $5.0, which was lower than the $5.1 closing price from the previous day. Throughout the day, stock prices continued to drop and closed at $4.7, which was an 8.9% decrease from the opening price. Despite the disappointing results, Hecla Mining CEO Phillips S. Baker Jr. expressed confidence in the long-term growth and sustainability of the company.
He stated that they will focus on rebuilding investor confidence through improved operating performance and “demonstrating that our costs are sustainable at current production levels”. Hecla Mining will take necessary steps to reduce costs and improve efficiency to continue to deliver consistent returns for investors. Live Quote…
At GoodWhale, we have conducted an analysis of HECLA MINING’s financials. Based on our Risk Rating system, we have determined that investing in HECLA MINING would be classified as a medium risk. We have detected two risk warnings in the income statement and balance sheet of HECLA MINING, so we urge potential investors to do their due diligence and investigate these further. If you’d like to take a closer look at HECLA MINING’s financials, sign up as a registered user with GoodWhale and explore the data for yourself. More…
The company was founded in 1891 and is one of the oldest continuously operating silver mining companies in the world. Hecla Mining Co’s main competitors are SSR Mining Inc, Great Panther Mining Ltd, and First Majestic Silver Corp.
First Majestic Silver Corp is a Canadian precious metals mining company with operations in Mexico. The company has a market capitalization of $2.91 billion as of 2022 and a return on equity of 0.14%. First Majestic Silver Corp is engaged in the exploration, development, and production of silver properties in Mexico. The company’s primary silver mines are the Santa Elena Mine in Sonora, Mexico, and the San Dimas Mine in Durango, Mexico. First Majestic Silver Corp also has interests in the La Encantada Mine in Coahuila, Mexico, and the La Parrilla Mine in Durango, Mexico.
HECLA MINING reported their 2nd quarter earnings results for FY2023 on August 9th, showing a 6.9% decline in total revenue to USD 178.1 million and a net loss of USD -15.7 million. On the day of release, the stock price of HECLA MINING fell, indicating investor disappointment in the results. Analysts believe that investors are concerned about HECLA MINING’s ability to turn a profit in the long-term due to declining revenues and persistent losses. It is recommended that potential investors conduct further research and analysis before investing in HECLA MINING stock.
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