11:44 AM EST, 02/19/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Hudbay Minerals ( HBM ) was last seen down 16% after the company on Wednesday said its fourth-quarter adjusted earnings fell on lower revenue and production.

Adjusted earning per share, excluding most one-time items, came in at US$0.18, down from US$0.20 in the same quarter of the previous year. The FactSet consensus non-GAAP EPS estimate was US$0.20.

Revenue fell to US$584.9 million from US$602.2 million. Adjusted EBITDA also dropped to US$257.3 million from US$274.4 million.

The company produced 43,262 tonnes of copper, down from 45,450 tonnes. Gold production also decreased to 94,161 ounces from 112,776 ounces. Silver production increased to 1.31 million ounces from 1.20 million ounces.

National Bank of Canada reiterated its outperform rating and $17.00 price target following the earnings release.

The bank said Hudbay's rating is supported by stronger operational results to close out the year, leverage to gold prices, an improving near-term growth outlook through expansion initiatives, upcoming catalysts at the Copper World project, and a discounted valuation.

Hudbay shares were last seen down $2..08 to $10.62 on the Toronto Stock Exchange.

Price: 10.55, Change: -2.15, Percent Change: -16.93