10:11 AM EDT, 05/10/2022 (MT Newswires) -- RBC Capital Markets said Monday that it expects a negative reaction to Hudbay Minerals Inc. (HBM.TO)'s shares after the company's first-quarter results missed analyst estimates due to lower sales volumes.
Hudbay's EPS of $0.02 was below RBC's estimate of $0.24 and consensus of $0.09.
RBC said Hudbay said its sales were impacted by rail car availability in Manitoba, COVID-19-related absenteeism and high rainfall that impacted production in Peru.
Despite the weaker-than-expected results, Hudbay reiterated its 2022 production and costs guidance as its first-quarter result was in line with quarterly cadence expected by the company.
RBC gave Hudbay an outperform rating with a price target of $14.00.