Freeport-McMoRan (FCX) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Freeport-McMoRan (FCX) reported $5.91 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 2.6%. EPS of $0.27 for the same period compares to $0.52 a year ago.

The reported revenue represents a surprise of +1.45% over the Zacks Consensus Estimate of $5.82 billion. With the consensus EPS estimate being $0.21, the EPS surprise was +28.57%.

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.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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:

  • Sales in thousands of ounces – Gold – Consolidated basis: 549 Koz versus the three-analyst average estimate of 584.29 Koz.

  • Production in millions of pounds – Molybdenum – South America: 5 Mlbs compared to the 5.54 Mlbs average estimate based on three analysts.

  • Production in millions of pounds – Molybdenum – By-product – North America: 7 Mlbs compared to the 6.93 Mlbs average estimate based on three analysts.

  • Total Net Cash Cost Per Pound of Copper: $1.52 compared to the $1.51 average estimate based on three analysts.

  • Sales in thousands of Ounces – Gold – Indonesia: 544 Koz compared to the 580.34 Koz average estimate based on three analysts.

  • Revenues- Indonesia: $2.74 billion versus the three-analyst average estimate of $2.63 billion. The reported number represents a year-over-year change of +21.9%.

  • Revenues- Molybdenum: $157 million versus $220.24 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -5.4% change.

  • Revenues- South America copper mines: $1.11 billion versus $1.10 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -18.4% change.

  • Revenues- North America copper mines: $1.40 billion versus $1.32 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -3.9% change.

  • Revenues- Rod & Refining: $1.35 billion versus the two-analyst average estimate of $1.47 billion. The reported number represents a year-over-year change of -0.7%.

  • Revenues- Atlantic Copper Smelting & Refining: $606 million versus $659.67 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -11.3% change.

  • Revenues- Corporate, other & eliminations: -$1.45 billion versus the two-analyst average estimate of -$1.68 billion. The reported number represents a year-over-year change of -4%.

View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned -10.9% over the past month versus the Zacks S&P 500 composite's +2.4% 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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