Hecla Mining Co. on Thursday reported a third-quarter loss of $23.2 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Coeur d’Alene, Idaho-based company said it had a loss of 5 cents. Losses, adjusted for costs related to mergers and acquisitions, came to 4 cents per share.
The company said losses stemmed, in part, from lower silver, gold and base metal prices as well as an increase in exploration and predevelopment expenditures at its operations in Nevada and Durango, Mexico, that exceeded the same quarter in 2017.
Phil Baker, company president and chief executive, said salaried employees are focusing on production rather than development at the Lucky Friday Mine in Mullan, Idaho, to minimize the financial impact of a strike. Union members walked off the job there in March 2017.
“The (earnings) we generated despite low metals prices is a result of the improvements we made in our mines,” Baker said.
The results did not meet Wall Street expectations, according to information reported by the Associated Press. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The company posted revenue of $143.6 million in the period, which also missed Wall Street forecasts. Three analysts surveyed by Zacks expected $152.2 million.
The company’s shares closed at $2.43. A year ago, they were trading at $4.59.
Hecla also owns mines in Alaska and Quebec.
The Associated Press contributed to this report.
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