Hecla Mining Co/de/ (HL) · Nov 3, 2026 · Earnings

Hecla Mining earnings beat, but Keno Hill faces years of curtailment

Beat — EPS $0.22 vs ~$0.15 consensus; revenue $394.8M vs ~$343.4M

Hecla Mining earnings beat consensus and lifted 2026 silver-cost guidance, but a Keno Hill permitting bottleneck forces lower throughput into 2027.

Hecla is a cash-rich silver producer using Greens Creek and Lucky Friday to fund the ramp-up of Keno Hill and a broader exploration pipeline. The pre-filing issue was not whether Keno Hill could produce, but whether permits for tailings, waste rock and water treatment would arrive fast enough to support sustained higher throughput; its prior quarterly filing already identified those constraints and warned that tailings capacity was approaching limits.

The quarter clearly beat a lowered earnings bar. Third-quarter EPS of $0.22 and revenue of $394.8 million were well above published expectations of roughly $0.15 and $343.4 million, respectively. The headline strength came through cash generation: “Cash flow generated from continuing operations of $203million, and record quarterly free cash flow from continuing operations of $151million; Greens Creek set a new site-level quarterly record of $147million.”

Figure	3Q 2026	2Q 2026	Consensus / prior guide
Revenue (Financial Highlights)	$394.8M	$333.9M	~$343.4M
EPS from continuing operations (Income Statement)	$0.22	$0.18	~$0.15
Free cash flow (Financial Highlights)	$151.2M	$135.8M	—
Silver AISC/oz (Financial Highlights)	$14.34	$6.07	—
2026 silver production guidance (Guidance)	15.3–16.1Moz	15.1–16.1Moz	15.1–16.1Moz prior
2026 silver AISC guidance (Guidance)	$11.50–$12.50	$12.50–$13.50*	$12.50–$13.50 prior
2026 capital investment guidance (Guidance)	$198–$214M	$208–$223M	$208–$223M prior

*Prior guidance inferred from the release’s stated improvement.

Guidance moved in the right direction, but mostly through costs rather than a major production reset. Hecla raised the low end of consolidated silver production to 15.3 million ounces from 15.1 million, improved total cash-cost and AISC ranges, and cut capital guidance by about 4%. The filing states that “Total capital (growth and sustaining) investment guidance lowered, now at $198-$214million from $208-$223million.”

The important offset is Keno Hill: this is now an operational constraint, not just a permitting footnote. Hecla will limit milling to approximately 300 tons per day in the fourth quarter, reduce it further from January 2027, and expects the lower rate to remain until license amendments and infrastructure are in place, currently estimated around mid-2029. “In an attempt to maintain operational continuity, the Company is choosing to suppress Keno Hill mill throughput to approximately 300 tons per day in the fourth quarter of 2026 with further suppression, expected beginning in January 2027 to levels significantly below third quarter 2026 throughput.” 〔0〕 That limits near-term growth from the mine even as third-quarter Keno Hill production reached a record and the company says selective higher-grade mining may cushion the output decline.

The growth pipeline is promising but still preliminary. The Greens Creek pyrite circuit could eventually add 1.0–1.2 million ounces of annual silver and 10,000–15,000 ounces of gold, but it remains at scoping-level engineering and needs permits and final investment approval. The tailings-reprocessing options are even earlier, so they add strategic optionality rather than near-term production.

Bottom line: This was a genuine earnings and guidance beat, supported by exceptional cash generation and a stronger balance sheet. But the Keno Hill throughput decision prevents the filing from being a clean upgrade to the operating story; it is a modestly positive quarter with a meaningful multi-year execution complication.

What to watch next

2027 Keno Hill production guidance, February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Hecla Mining earnings beat, but Keno Hill faces years of curtailment

What to watch next

More Hecla Mining Co/de/ news

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