Hecla Posts Wider-than-expected Q1 Loss, Sales Up; Suspends Outlook For Nevada

(RTTNews) - Hecla Mining Co. (HL) on Thursday reported Thursday that its first-quarter net loss applicable to common stockholders was $25.7 million or $0.05 per share, compared to last year's profit of $8.10 million or $0.02 per share.

Adjusted net loss applicable to common stockholders was $18.5 million or $0.04 per share, compared to profit of $8.96 million or $0.02 per share a year ago.

Sales for the quarter grew to $152.62 million from last year's $139.71 million.

On average, analysts polled by Thomson Reuters expected loss of $0.02 per share on sales of $150.83 million for the quarter. Analysts' estimates typically exclude special items.

Further, the company said the annual production and cost outlook have been suspended for Nevada pending the results of the comprehensive review.

Phillips Baker, Jr., Hecla's President and CEO, said, "While Nevada operations had better development advance rates, the operating metrics including cost, grade and negative cash flow, were unacceptable. We are reviewing our Nevada operations to determine the best path forward and expect the results of this review in the second quarter."

The company said its Board of Directors declared a quarterly cash dividend of $0.0025 per share of common stock, payable on or about June 9, to stockholders of record on May 24.