Hudbay Minerals (NYSE: HBM) saw its stock surge 6.49% in pre-market trading on Monday following the release of its impressive first-quarter financial results. The mining company significantly outperformed analysts' expectations for both earnings and revenue.

According to the report, Hudbay posted quarterly adjusted earnings of $0.24 per share, doubling the analyst consensus estimate of $0.12. This represents a substantial 41.18% increase from the $0.17 per share reported in the same quarter last year. On the revenue front, the company reported $594.9 million, surpassing the analyst consensus estimate of $573.89 million by 3.59%. This marks a 13.24% year-over-year increase from $524.99 million.

The strong performance can be attributed to low consolidated cash cost and successful execution of planned strategies. Despite a decrease in production across most metals, with copper output falling over 11% and gold and silver production down 18% and 3% respectively, the company managed to improve its financial results. Hudbay's President and CEO credited the performance to low consolidated cash cost and effective strategy execution. The company maintains its full-year guidance of 117,000 to 149,000 tons of copper and 247,500 to 308,000 ounces of gold production.