Hecla Mining Slips To Loss In Q2

(RTTNews) - Hecla Mining Co. (HL) reported that its net loss applicable to common shareholders for the second quarter 2019 was $46.7 million, or $0.10 per share, compared to net income of $11.9 million, or $0.03 per share, for the same period in 2018. The second quarter result was mainly due to gross loss in Nevada was $20.2 million, loss of $4.6 million on the sale of Hecla's interest in the Fayolle property in Quebec.

Adjusted net loss applicable to common shareholders was $36.4 million or $0.07 per share.

Sales of products dropped to $134.17 million from $147.26 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share and revenues of $147.57 million. Analysts' estimates typically exclude special items.

The Board of Directors elected to declare a quarterly cash dividend of $0.0025 per share of common stock, payable on or about September 3, 2019, to shareholders of record on August 23, 2019.

Hecla Mining said that Lauren Roberts joins the Company as its Senior Vice President and Chief Operating Officer. A mining engineer with over 30 years' experience in the industry, Roberts has held progressively more senior roles at Kinross since joining them in 2004, ending as Senior Vice President and Chief Operating Officer. He previously worked for Hecla from 1989 to 1997 and then spent seven years at Barrick before joining Kinross.

Larry Radford, formerly Hecla's Senior Vice President and Chief Operating Officer, transitions to the temporary role of Chief Technical Officer.