Why did HL outperform forecasts in 2024?

Hecla Mining (HL) outperformed forecasts in 2024 primarily due to strong revenue growth and improved profitability, despite missing earnings per share (EPS) expectations in certain quarters.

1. **Revenue Growth**: Hecla Mining experienced a significant increase in total revenue, with the most recent quarter reporting $249.66 million. This represents a substantial year-over-year growth of 55.36%. The company's revenue surpassed expectations, particularly in the fourth quarter, driven by higher sales volumes for zinc and increased gold prices.
2. **Net Income Growth**: The company's net income for the most recent quarter was $11.92 million, marking a substantial year-over-year growth of 127.77%. This indicates a strong improvement in profitability, which is a key factor in outperforming forecasts.
3. **Consensus Rating and Price Target**: The consensus rating for Hecla Mining is a "Strong Buy" with an average price target of $9.83, suggesting that analysts are optimistic about the company's future performance. This positive sentiment could have contributed to the company's strong fund inflows, with net fund flow reported at $3.2 million, indicating investor confidence.

4. **Fundamental Strength**: Hecla Mining's fundamental strength is further supported by its net fund flow (block order) of $3 million, which also indicates strong investor interest and confidence in the company's future performance.

In conclusion, Hecla Mining's outperformance in 2024 can be attributed to its strong revenue growth, improved net income, and positive analyst sentiment, despite missing EPS expectations in certain quarters. The company's operational efficiency and market conditions in the metals sector likely contributed to this success.