HudBay Minerals saw its stock tumble 5% in pre-market trading, as the company's second-quarter financial results fell short of Wall Street's expectations.
HudBay Minerals reported adjusted earnings of $0.28 per share, missing the average analyst estimate of $0.33 per share. Revenue rose 17.7% year-over-year to $631.30 million, but also came in below the consensus forecast of $646.92 million. The earnings miss, combined with the revenue shortfall, appears to have weighed on investor sentiment.
The company did report a net income of $137.4 million for the quarter, but the weaker-than-expected adjusted earnings per share overshadowed the top-line growth. The market is reacting to the company's failure to reach the consensus targets set by analysts.