Hudbay’s Q3 results miss estimates

Overview

• Hudbay Q3 revenue missed analyst expectations due to operational interruptions;
• Adjusted EPS for Q3 missed analyst expectations;
• Company secured $600 million partnership with Mitsubishi for Copper World project.

Outlook

• Hudbay expects full-year copper and gold production near low end of guidance ranges;
• Company improves full-year 2025 cash cost guidance to $0.15-$0.35 per pound;
• Hudbay expects Peru gold production to exceed top end of 2025 guidance range.

Result drivers

• Operational resilience – Despite wildfire evacuations in Manitoba and interruptions in Peru, Hudbay maintained strong copper and gold production;
• Cost control – Improved full-year 2025 cash cost guidance due to strong cost control and increased gold by-product credits;
• Strategic partnership – Secured $600 million partnership with Mitsubishi, reducing capital contributions for Copper World.

Key details

Analyst coverage

• The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 17 “strong buy” or “buy”, no “hold” and no “sell” or “strong sell”;
• The average consensus recommendation for the specialty mining & metals peer group is “buy”;
• Wall Street’s median 12-month price target for Hudbay Minerals Inc is C$24.50, about 5% above its November 11 closing price of C$23.28;
• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)