Freeport-McMoRan Inc. FCX is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.
Earnings
Freeport reported adjusted earnings of 51 cents per share for the fourth quarter that beat the Zacks Consensus Estimate of 49 cents.
Revenues
Freeport posted revenues of $5,041 million, which surpassed the Zacks Consensus Estimate of $4,811.2 million.
Freeport-McMoran, Inc. Price and EPS Surprise
Freeport-McMoran, Inc. Price and EPS Surprise | Freeport-McMoran, Inc. Quote
Estimate Trend & Surprise History
Investors should note that the Zacks Consensus Estimate for Freeport for the fourth quarter and full year have been going up over the past month. The company has missed the Zacks Consensus Estimate in three of the trailing four quarters while beating in one, with an average negative surprise of 7.9%.
Key Stats/Developments to Note
Freeport anticipates consolidated sales volumes for 2018 to be roughly 3.9 billion pounds of copper, 2.4 million ounces of gold and 91 million pounds of molybdenum, including 1 billion pounds of copper, 675,000 ounces of gold and 24 million pounds of molybdenum for first-quarter 2018.
For 2018, the company expects operating cash flows to exceed $5.8 billion (including $0.3 billion in working capital and other tax payments) and capital expenditures to be around $2.1 billion, which includes $1.2 billion for major mining projects mainly related to underground development in the Grasberg and the Lone Star oxide project.
Freeport had no borrowings with $3.5 billion available under its revolving credit facility at the end of 2017.
Zacks Rank
Currently, Freeport has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Freeport’s shares were up roughly 4% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Freeport’s earnings report!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 – Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 – Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment