Investing.com -- A busy earnings week for Canadian equities brought better-than-expected results for some, and renewed caution for others. From miners turning in record profits to renewable energy firms grappling with shortfalls, market reaction to first-quarter numbers has been swift among analysts.

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1. HudBay Minerals Inc (TSX:HBM)

Hudbay Minerals (NYSE:HBM) beat market expectations with Q1 adjusted earnings of $0.24 per share, outperforming the $0.18 consensus estimate. Revenue climbed to $594.9 million, supporting adjusted EBITDA of $287.2 million—a 34% year-over-year increase.

The performance was underpinned by a substantial boost in gold production in Manitoba and record-low copper cash costs of negative $0.45/lb, thanks to strong by-product credits. “Our strong results… continued to deliver significant free cash flows and industry-leading margins,” said CEO Peter Kukielski in a statement.

Scotiabank’s Orest Wowkodaw raised his price target from $12.00 to $12.50 while maintaining a Sector Outperform rating. “We view the update as positive for the shares,” he noted, citing stronger-than-anticipated operating performance and reaffirmed 2025 guidance.

1. Stantec (NYSE:STN) Inc (TSX:STN)

Stantec delivered strong Q1 results with net revenue of $1.6 billion, up 13.3% year-over-year, and adjusted EPS of $1.16, an increase of 28.9%. Growth was supported by acquisitions and double-digit revenue expansion in both Canadian and global markets.

CEO Gord Johnston called the quarter evidence of “continued momentum across all regions and business lines,” as the firm maintained its outlook for 7%-10% annual revenue growth. Stantec also expanded its adjusted EBITDA margin by 70 basis points to 16.2%.

TD (TSX:TD) Cowen’s Michael Tupholme reaffirmed a Buy rating and lifted the price target from $145 to $165. “We remain constructive on STN’s outlook… backed by its record backlog, positive end-market trends, margin improvement potential and M&A execution,” he said.

1. Boyd Group Services Inc (TSX:BYD)

Boyd Group’s Q1 headline numbers presented a mixed picture marked by a net loss of CAD $2.6 million, down from net income of $8.4 million a year earlier. While total sales ticked up 1% to $778.3 million, same-store sales declined by 2.8%.

Gross margins improved to 46.2%, up 1.4%, but adjusted EBITDA dipped 1.4% to $80.5 million. COO Brian Kaner emphasized the firm’s relative strength, saying, “We continue to outperform the market… [but] expect the market to be down 2% from a claims volume perspective.”

BMO (TSX:BMO) Capital’s Tristan Thomas-Martin reiterated his Outperform rating and a $280 price target. "We expect BYD (SZ:002594) will continue to take market share and improve margins behind ongoing cost initiatives," he said, noting industry headwinds may persist through Q2.