Business
Hecla Mining Reports Third Quarter 2020 Results
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced third quarter 2020 financial and operating results. THIRD QUARTER HIGHLIGH
About this update from Hecla Mining Company
[{"type":"text","content":"COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) today announced third quarter 2020 financial and operating results. THIRD QUARTER HIGHLIGHTS Sales of $199.7 million, 24% more than the prior year quarter Silver production of 3.5 million ounces and gold production of 41,174 ounces Lucky Friday ramp-up ahead of schedule Generated $73.4 million of cash provided by operating activities and $49.7 million of free cash flow4 Reported $98.7 million of cash and cash equivalents with $348.7 million of liquidity2 Record adjusted EBITDA and improved net debt/adjusted EBITDA (last 12 months) of 1.7x1,3 Increased dividend 50% and approved the payment of the first enhanced silver-linked dividend Increased 2020 annual silver production guidance and reduced silver cost guidance \"Because of our strong operating performance and higher prices, Hecla had record adjusted EBITDA, generated the most free cash flow in a decade and repaid our revolver in full. These accomplishments were achieved because of our workforces’ resiliency and our commitment to health and safety,\" said Phillips S. Baker, Jr., President and CEO. \"With the Lucky Friday ramp-up ahead of schedule, the expected improvements at Casa Berardi, and our modest planned capital expenditures, we are well positioned to further strengthen our balance sheet, increase exploration activities, and pay our enhanced dividend.\" FINANCIAL OVERVIEW Third Quarter Ended Nine Months Ended HIGHLIGHTS 2020 2019 2020 2019 FINANCIAL DATA (000) Sales $ 199,703 $ 161,532 $ 502,983 $ 448,321 Gross profit (loss) $ 53,488 $ 14,880 $ 98,939 ($ 1,919 ) Income (loss) applicable to common shareholders $ 13,490 ($ 19,654 ) ($ 17,999 ) ($ 91,995 ) Adjusted income (loss) applicable to common shareholders1 $ 24,234 ($ 11,801 ) $ 10,085 ($ 66,798 ) Adjusted EBITDA 1 $ 75,701 $ 69,786 $ 168,531 $ 112,503 Cash provided by operating activities $ 73,439 $ 54,896 $ 115,892 $ 63,609 Capital expenditures $ 23,693 $ 26,093 $ 54,382 $ 97,338 Free cash flow 4 $ 49,746 $ 28,803 $ 61,510 ($ 33,729 ) Net income applicable to common shareholders for the third quarter was $13.5 ...