07:17 AM EDT, 05/14/2024 (MT Newswires) -- Hudbay Minerals ( HBM ) on Tuesday reported an increase in its first-quarter adjusted earnings per share after booking a surge in revenue.

First-quarter adjusted earnings per share came in at US$0.16, up from nil per share. The result beat the S&P Capital IQ consensus normalized EPS estimate of US$0.04 for the quarter.

Net earnings jumped to US$18.5 million, or US$0.05 per share, from US$5.5 million, or US$0.02 per share.

The company reported revenue of US$525 million, a jump from US$295.2 million. The result also exceeded the S&P Capital IQ consensus revenue estimate of US$455.9 million for the quarter.

Consolidated copper production was 34,749 tonnes, up from 22,562 tonnes, and gold production was 90,392 ounces, up from 47,240 ounces.

Hudbay said its operating performance had been positively affected by continued high copper and gold grades at the Pampacancha deposit in Peru, continued high gold grades at Lalor and strong performance from the New Britannia mill in Manitoba, as well as operational stabilization efforts at the Copper Mountain mine in British Columbia.