Compared to Estimates, Freeport-McMoRan (FCX) Q1 Earnings: A Look at Key Metrics

Freeport-McMoRan (FCX) reported $6.32 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 17.3%. EPS of $0.32 for the same period compares to $0.52 a year ago.

The reported revenue represents a surprise of +11.74% over the Zacks Consensus Estimate of $5.66 billion. With the consensus EPS estimate being $0.27, the EPS surprise was +18.52%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Freeport-McMoRan performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Average realized price per pound – Copper: $3.94 versus the three-analyst average estimate of $3.88.

  • Production in millions of pounds – Molybdenum – South America: 3 Mlbs versus 5.48 Mlbs estimated by three analysts on average.

  • Production in millions of pounds – Molybdenum – By-product – North America: 7 Mlbs versus the three-analyst average estimate of 7.1 Mlbs.

  • Sales in thousands of Ounces – Gold – North America: 4 Koz versus the three-analyst average estimate of 4.39 Koz.

  • Sales in thousands of ounces – Gold – Consolidated basis: 568 Koz versus the three-analyst average estimate of 574.23 Koz.

  • Revenues- Indonesia: $2.83 billion versus the three-analyst average estimate of $2.54 billion. The reported number represents a year-over-year change of +106.5%.

  • Revenues- Molybdenum: $145 million compared to the $238.86 million average estimate based on three analysts. The reported number represents a change of -35% year over year.

  • Revenues- South America copper mines: $1.14 billion versus the three-analyst average estimate of $1.11 billion. The reported number represents a year-over-year change of -20.9%.

  • Revenues- North America copper mines: $1.50 billion versus the three-analyst average estimate of $1.34 billion. The reported number represents a year-over-year change of -10.1%.

  • Revenues- Rod & Refining: $1.50 billion versus $1.38 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2% change.

  • Revenues- Atlantic Copper Smelting & Refining: $673 million versus $680.93 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -11% change.

  • Revenues- Corporate, other & eliminations: -$1.46 billion versus -$1.80 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -8.4% change.

View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned +7.9% over the past month versus the Zacks S&P 500 composite's -4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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