06:48 AM EDT, 05/12/2025 (MT Newswires) -- Hudbay Minerals ( HBM ) on Monday reported a jump in first-quarter adjusted earnings and better-than-expected gold production.

Adjusted earnings per share attributable to owners jumped to US$0.24 from US$0.17, beating the US$0.10 non-GAAP earnings per share consensus estimate compiled by FactSet.

Net earnings attributable to owners came in at US$100.4 million, or US$0.25 per share, rising from US$22.3 million, or US$0.06 per share. Adjusted EBITDA also grew to US$287.2 million from US$215 million. Revenue was US$594.9 million, up from US$525 million. The consensus estimate for sales was US$534.3 million as compiled by FactSet.

The company produced 30,958 tonnes of copper, down from 34,749 tonnes. Gold production was 73,784 ounces, down from 90,392 ounces. Hudbay said its copper production was in line with quarterly production cadence expectations while gold production was better than expected.

Hudbay reaffirmed full-year 2025 consolidated production guidance of 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold.

The board also approved a normal course issuer bid to buy back up to 5% of issued and outstanding common shares, subject to TSX approval. Any shares purchased under the NCIB will be canceled. Hudbay will fund the purchases from its cash flow from operations.