Freeport-McMoRan Inc (FCX) Reports Solid Q4 and Full-Year 2023 Results Amidst Global Challenges

  • Net Income: Q4 net income of $388 million, $0.27 per share; adjusted net income of $393 million.

  • Revenue: Q4 revenue increased to $5.9 billion, with full-year revenue at $22.9 billion.

  • Copper Sales: Exceeded estimates with 1.1 billion pounds sold in Q4; 4.1 billion pounds expected in 2024.

  • Gold and Molybdenum Sales: Q4 gold sales of 549 thousand ounces; molybdenum sales of 22 million pounds.

  • Operating Cash Flows: Generated $1.3 billion in Q4, totaling $5.3 billion for the year.

  • Capital Expenditures: $1.4 billion in Q4, with a total of $4.8 billion for the year.

  • Debt and Cash Position: Consolidated debt at $9.4 billion; cash and cash equivalents at $4.8 billion.

On January 24, 2024, Freeport-McMoRan Inc (NYSE:FCX), a leading international mining company, released its 8-K filing, detailing its financial performance for the fourth quarter and full year ended December 31, 2023. The company, known for its significant copper, gold, and molybdenum mining operations, including the Grasberg minerals district in Indonesia and the Morenci minerals district in Arizona, reported a net income of $388 million, or $0.27 per share, for the fourth quarter. Adjusted net income, which excludes certain charges, stood at $393 million, or $0.27 per share.

Freeport-McMoRan’s revenue for the fourth quarter reached $5.9 billion, a slight increase from the $5.8 billion reported in the same period of the previous year. For the full year, the company’s revenue was stable at $22.9 billion. Copper sales volumes for the quarter exceeded the company’s October 2023 estimate and the fourth-quarter sales of the previous year, with 1.1 billion pounds sold. Gold sales for the quarter were 549 thousand ounces, while molybdenum sales reached 22 million pounds.

The company’s operating cash flows for the fourth quarter were robust at $1.3 billion, contributing to the $5.3 billion generated throughout the year. Capital expenditures for the fourth quarter amounted to $1.4 billion, with a significant portion allocated to major mining projects and the Indonesia smelter projects, bringing the total for the year to $4.8 billion.

Freeport-McMoRan’s financial position remains solid, with consolidated debt totaling $9.4 billion and cash and cash equivalents at $4.8 billion as of December 31, 2023. The company’s net debt, excluding the Indonesia smelter projects, was $3.6 billion, demonstrating its strong balance sheet and liquidity.

Richard C. Adkerson, Chairman and Chief Executive Officer, commented on the company’s performance, stating, “We enter 2024 with a focus on strong execution of our operating and investment plans, optimism on market fundamentals and a relentless drive to enhance the value of our strong portfolio of assets.” He highlighted the company’s success in advancing growth options and positioning for the future.

Freeport-McMoRan Inc (FCX) Reports Solid Q4 and Full-Year 2023 Results Amidst Global Challenges

Looking ahead, Freeport-McMoRan expects to sell approximately 4.1 billion pounds of copper, 2.0 million ounces of gold, and 85 million pounds of molybdenum in 2024. The company’s focus on productivity gains, cost discipline, and the advancement of organic growth opportunities positions it well to navigate the dynamic global market and continue delivering value to its shareholders.

For detailed financial tables and further information on Freeport-McMoRan’s performance, please refer to the full 8-K filing.

Explore the complete 8-K earnings release (here) from Freeport-McMoRan Inc for further details.

This article first appeared on GuruFocus.

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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