2024 silver price rally drive Hecla's record sales revenue
An increase in production and higher silver prices helped America’s largest silver producer achieve record revenue in 2024.
On Thursday, after the North American equity markets closed, Hecla Mining (NYSE: HL) released its fourth-quarter and full-year 2024 earnings. The company reported a basic income of $0.06 per share for the year, missing analyst forecasts of $0.11 per share.
However, investors have plenty to celebrate as the company reported a record adjusted EBITDA of $337.9 million. At the same time, the senior silver producer reported record silver sales valued at $929.9 million.
The company said that it saw solid margin growth, with cash flow from operating activities rising to $218.3 million, an increase of $142.8 million over 2023.
The improved margins came as silver prices rallied more than 21% last year. However, Hecla also produced 16.2 million ounces of silver, the second-highest in the company's history.
The company also saw solid pipeline production growth as it increased its reserves to 240 million ounces, the second-highest in the company's history.
“Our renewed focus on optimizing cash flow generation and return on capital investment will drive shareholder value, supported by four key pillars: stakeholder relationship management, capital discipline, technical innovation, and environmental stewardship. As part of this commitment to disciplined capital allocation, we have streamlined our dividend policy to eliminate the silver-linked component, enabling us to pursue significant growth opportunities, particularly at Keno Hill,” said Rob Krcmarov, President and CEO of Hecla, in the earnings report.
Source: https://www.kitco.com/