Canada's Hudbay Q2 adjusted EPS misses on shipment delays

Hudbay Minerals

29/07/2026 11:20

Overview
Canada copper and gold miner's Q2 revenue and adjusted EPS missed analyst expectations
Lower results due to delayed Peru shipments from temporary port closures impacting sales volumes
Company reaffirmed 2026 production guidance and improved cash cost outlook

Outlook
Hudbay reaffirms 2026 copper production guidance of 110,000 to 138,000 tonnes
Company improves 2026 cash cost guidance to $(0.45) to $(0.25) per lb of copper
British Columbia cash cost expected to improve in H2 2026, in line with annual guidance

Result Drivers
PERU SHIPMENT DELAYS - Lower sales volumes in Q2 due to delayed copper concentrate shipments from temporary port closures in Peru
COST CONTROL AND BY-PRODUCT CREDITS - Strong margins supported by cost control and gold by-product credits offsetting higher input costs
HIGHER COPPER PRICES - Higher copper prices partially offset impact of lower sales volumes

Company press release: ID:nGNX2jfz4S

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$631.30 mln
$640.23 mln (6 Analysts)
Q2 Adjusted EPS
Miss
$0.28
$0.30 (13 Analysts)
Q2 EPS
 
$0.34
 
Q2 Net Earnings attributable
 
$138.10 mln
 
Q2 Adjusted EBITDA
 
$321.20 mln
 
Q2 Net Debt
 
-$80.50 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 1 "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$42.25, about 37.4% above its July 28 closing price of C$30.76
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
July 28 - Canada's First Quantum Q2 adjusted EPS misses estimates on higher costs
July 29 - Rio Tinto posts highest first-half earnings in four years as data centre boom boosts copper
July 29 - Glencore's copper output up 15%, sees strong $3.3 bln marketing EBIT

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(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.)