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Hecla Mining Co. reports dip in first quarter net income

UPDATED: Thu., May 12, 2022

The Lucky Friday mine rises against a hillside in near Mullan, Idaho, on Monday, March 13, 2017.  (JESSE TINSLEY/The Spokesman-Review)
The Lucky Friday mine rises against a hillside in near Mullan, Idaho, on Monday, March 13, 2017. (JESSE TINSLEY/The Spokesman-Review)

Hecla Mining Co. has reported a dip in firs-quarter net income compared to the first quarter of 2021.

The Coeur d’Alene-based company reported net income of $4 million, or 1 cent a share in the first quarter of 2022, down from net income of $11.7 million, or 2 cents a share, in the first quarter of 2021.

Hecla reported $186.5 million in sales in the first quarter, up slightly from $185 million in the fourth quarter of 2021.

The company indicated its mines generated positive cash flow of $16.4 million in the first quarter after a semi-annual debt interest payment and despite inflationary cost pressures, slow supply chains and pandemic-related labor challenges.

“Over the last eight quarters, we have generated $434 million in cash flow from operations and this quarter marked our eighth consecutive quarter of free cash flow with $232 million generated over that period,” Phillips S. Baker Jr., Hecla’s president and CEO, said in a statement. “This strong, consistent performance has strengthened our balance sheet and led to credit rating upgrades.”

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