Adjusted earnings rise on higher gold and silver prices
- Hochschild Mining reports a swing to a pretax loss of $43.5 million in 2023
- Adjusted earnings before interest, taxes, depreciation and amortization rose by 10%
- Revenue declined by 5.7% due to lower production
- Adjusted pretax profit more than doubled to $53.5 million
- Analysts had forecasted a pretax profit of $15.15 million
Hochschild Mining, a London-listed precious-metals miner, reported a swing to a pretax loss of $43.5 million in 2023. This was due to impairment losses and restructuring charges totaling $96.9 million. However, adjusted for exceptional and one-off items, the company’s pretax profit more than doubled to $53.5 million. Despite a 5.7% decline in revenue to $693.7 million, adjusted earnings before interest, taxes, depreciation and amortization rose by 10%. This growth was driven by rises in both gold and silver prices and a recent devaluation of the currency in Argentina. Analysts had forecasted a pretax profit of $15.15 million.
Factuality Level: 9
Factuality Justification: The article provides a clear and factual account of Hochschild Mining’s financial performance in 2023, including details on the swing to a pretax loss, adjusted earnings, production figures, and analyst forecasts. The information is presented in a straightforward manner without sensationalism or bias, making it highly factual.
Noise Level: 3
Noise Justification: The article provides a clear and concise overview of Hochschild Mining’s financial performance in 2023, including details on the swing to a pretax loss, adjusted earnings, production figures, and analyst forecasts. It stays on topic and provides relevant information without unnecessary details or filler content. The article supports its claims with specific numbers and data, making it informative and actionable for investors or stakeholders interested in the mining industry.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the precious metals market and the mining industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article does not describe any extreme events. It primarily focuses on the financial performance of Hochschild Mining and its impact on the company’s earnings and production.
Public Companies: Hochschild Mining (FTSE 250)
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