North American silver producer Hecla Mining Co. said Tuesday its net income nearly doubled in the third quarter as sharply higher prices offset lower quality ore and reduced output.
Net income for April through June jumped to $33.18 million, or 11 cents per share, from $13.68, or 5 cents per share, in the year-earlier quarter. The number of shares outstanding rose about 10 percent during the period.
Revenue increased to $117.86 million from $88.63 million.
Lower silver ore grade reduced production levels at the company's Greens Creek and Lucky Friday, the company said. Hecla's realized silver prices in the second quarter exceeded those of the same period last year by 89 percent.
Shares rose in afternoon trading by 11 cents to $6.77.