HudBay Minerals (HBM) shares surged 6.01% in after-hours trading on Wednesday, extending gains from the regular session, as investors reacted to the company's second-quarter earnings release that exceeded analyst expectations.
The Canadian miner reported adjusted earnings per share of $0.28, topping the FactSet consensus estimate of $0.26. Revenue rose 14% to $631.3 million, roughly in line with forecasts, as higher realized copper and gold prices more than offset a slight decline in copper production. The company also highlighted the completion of its $1.48 billion acquisition of Arizona Sonoran, which is expected to significantly boost copper production, targeting more than 250,000 tons per year by 2030.
The combination of a bottom-line beat, strong revenue performance, and a clear growth roadmap through the Arizona Sonoran deal bolstered investor sentiment, driving the stock sharply higher in both the regular and after-hours sessions.