07:08 AM EDT, 08/13/2024 (MT Newswires) -- Hudbay Minerals ( HBM ) on Tuesday said it posted adjusted earnings of nil per share in the second quarter, swinging from a loss in the year-ago quarter, as revenue rose.

Second-quarter adjusted earnings was nil per share, swinging from a loss of US$0.07 per share. The result missed the S&P Capital IQ consensus normalized EPS estimate of US$0.06 for the quarter.

Net loss attributable to owners came in at US$16.6 million, widening from a loss of US$14.9 million.

Revenue rose to US$425.5 million from US$312.2 million. Adjusted EBITDA also increased to US$145 million from US$81.2 million.

The company produced 28,578 tonnes of copper and 58,614 ounces of gold, both increasing from 21,715 tonnes of copper and 48,996 ounces of gold.

Silver production rose to 738,707 ounces from 612,310 ounces. Zinc output fell to 8,087 tonnes from 8,758 tonnes. Molybdenum production also decreased to 369 tonnes from 414 tonnes.

Hudbay reaffirmed its full year 2024 consolidated production guidance for all metals, including 137,000 to 176,000 tonnes of copper and 263,000 to 319,000 ounces of gold.

The company expects 2024 consolidated copper production to be below the midpoint of the guidance range, while 2024 consolidated gold production is expected to be above the midpoint of the guidance range.

Hudbay raised its 2024 annual consolidated cash cost guidance range to $0.90 to $1.10 per pound from the original guidance range of $1.05 to $1.25 per pound.

Hudbay's share price at last look fell 4.9% to US$7.00 in U.S. pre-market trading on Tuesday.