Hudbay Posts Record Revenue of $765.9 Million in Third Quarter
Key Facts
In contrast, adjusted earnings per share were $0.34, missing the estimate of $0.37 by $0.03, according to Investing.com. The results thus combined record revenue with a modest shortfall in adjusted earnings against expectations. Revenue was $346.8 million in the third quarter of 2025 and $631.3 million in the second quarter of 2026. The company said the results reflected steady operating performance and attractive operating margins, alongside its portfolio’s exposure to copper and gold.
Revenue rose 121% year over year, which the company attributed to higher metal prices, lower treatment and refining charges, and increased sales volumes for all metals compared with the same period a year earlier. This reflected a combination of improved prices and higher volumes, according to Investing.com’s account of the growth drivers. But net income attributable to shareholders was $149.5 million, or $0.34 per share, compared with $222.4 million and $0.56 per share a year earlier. On an adjusted basis, earnings per share rose from $0.03 in the third quarter of 2025 to $0.34 in the third quarter of 2026. The comparison shows that accounting net income declined year over year, while adjusted earnings per share improved from a year earlier.
Copper production totaled 30,152 tonnes and gold production 69,513 ounces in the third quarter, up 7% and 36%, respectively, from the second quarter of 2026. Hudbay said the results put it in a good position to meet its annual production guidance. The company maintained its 2026 guidance range at 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold. Chief Executive Peter Kukielski said the company was on track for its 12th consecutive year of meeting copper production guidance and its sixth consecutive year of meeting gold production guidance. The company linked the quarterly production growth to its progress toward its annual targets.
The company generated operating cash flow of $313.9 million during the quarter, before non-cash working capital changes, and free cash flow of $201.9 million. For the 12 months ended September 30, 2026, free cash flow reached $631.0 million. Adjusted EBITDA was $413.4 million for the quarter, up 29% from $321.2 million in the second quarter. The measure also totaled $1,542.4 million for the 12 months ended September 30. At quarter-end, cash and cash equivalents stood at $788.7 million, while total liquidity reached $964.3 million, before a $250 million increase in credit facilities in November.
Hudbay improved its 2026 consolidated cash cost guidance to a range of negative $0.55 to negative $0.35 per pound of copper, compared with the previous range of negative $0.45 to negative $0.25. The company left its annual copper and gold production guidance unchanged, citing quarterly production results that it said put it in a good position to meet the targets. In October, Hudbay and its partner Mitsubishi approved the final investment decision to develop and build the Copper World project in Arizona. The company is targeting a start of production in the second half of 2029. It expects the project to average 102,000 tonnes of copper a year during its first 10 years, an 11% increase from the 2023 preliminary feasibility study estimate.
The company announced on November 11 a quarterly cash dividend of C$0.01 per share, payable on December 18 to shareholders of record on December 1. In premarket trading on November 12, Hudbay shares fell 0.9%, according to Investing.com, which linked the move to adjusted earnings per share falling short of expectations. The share move came before the market opened on the day results were announced. The cash dividend sets a specific upcoming payment date for eligible shareholders. Annual production and the Copper World project represent further milestones in the company’s announced plans.