Hecla Mining Company reported third quarter 2024 sales of $245.1 million, which were consistent with the prior quarter and represented a 35% increase from the third quarter of 2023. The company achieved a gross profit of $59.3 million, marking a 15% increase over the second quarter of 2024, driven by lower costs of sales at Keno Hill and Casa Berardi.
Net income applicable to common stockholders for the quarter was $1.6 million, a reduction from $27.7 million in the prior quarter, primarily due to higher general and administrative expenses and increased interest expense. Adjusted EBITDA for the quarter stood at $88.9 million, in line with the record achieved in the prior quarter, demonstrating consistent operational cash generation.
The company made significant progress in deleveraging, reducing total debt by $50.6 million and improving its net leverage ratio to 1.8 times from 2.3 times in the prior quarter. Cash provided by operating activities was $55.0 million, though free cash flow for the quarter was negative $0.7 million, compared to $28.3 million in the prior quarter, primarily due to lower cash flow from operations and increased capital investment.
Consolidated silver production reached 3.6 million ounces, contributing to a year-to-date total of 12.3 million ounces. Greens Creek produced 1.9 million ounces of silver, a decrease from the prior quarter due to five days of unplanned mill maintenance. Lucky Friday achieved a milling record of 104,281 tons, with silver production of 1.2 million ounces.
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