We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's What Key Metrics Tell Us About Freeport-McMoRan (FCX) Q2 Earnings
Read MoreHide Full Article
For the quarter ended June 2023, Freeport-McMoRan (FCX - Free Report) reported revenue of $5.74 billion, up 5.9% over the same period last year. EPS came in at $0.35, compared to $0.58 in the year-ago quarter.
The reported revenue represents a surprise of +1.59% over the Zacks Consensus Estimate of $5.65 billion. With the consensus EPS estimate being $0.28, the EPS surprise was +25.00%.
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:
Production in millions of pounds - Copper - Total South America: 307 Mlbs compared to the 305.3 Mlbs average estimate based on three analysts.
Production in millions of pounds - Copper - Total North America: 354 Mlbs versus the three-analyst average estimate of 355.43 Mlbs.
Production in Ounces - Gold - Consolidated: 483 Koz compared to the 493.32 Koz average estimate based on three analysts.
Production in millions of pounds - Molybdenum - By-product - North America: 9 Mlbs versus the three-analyst average estimate of 7.52 Mlbs.
Production in millions of pounds - Molybdenum - Consolidated: 21 Mlbs versus 20.84 Mlbs estimated by three analysts on average.
Revenues- Indonesia: $2.24 billion versus the six-analyst average estimate of $2.29 billion. The reported number represents a year-over-year change of +13.1%.
Revenues- North America copper mines: $1.59 billion compared to the $1.51 billion average estimate based on five analysts. The reported number represents a change of -14.3% year over year.
Revenues- South America copper mines: $1.15 billion versus the five-analyst average estimate of $1.28 billion. The reported number represents a year-over-year change of +13%.
Revenues- Corporate, other & eliminations: -$1.61 billion versus the five-analyst average estimate of -$1.67 billion.
Revenues- Atlantic Copper Smelting & Refining: $748 million versus $678.64 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +72.8% change.
Revenues- Rod & Refining: $1.47 billion versus $1.50 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -16.4% change.
Revenues- Molybdenum: $150 million compared to the $154.17 million average estimate based on three analysts. The reported number represents a change of +4.2% year over year.
Shares of Freeport-McMoRan have returned +2.3% over the past month versus the Zacks S&P 500 composite's +3.6% 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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Here's What Key Metrics Tell Us About Freeport-McMoRan (FCX) Q2 Earnings
For the quarter ended June 2023, Freeport-McMoRan (FCX - Free Report) reported revenue of $5.74 billion, up 5.9% over the same period last year. EPS came in at $0.35, compared to $0.58 in the year-ago quarter.
The reported revenue represents a surprise of +1.59% over the Zacks Consensus Estimate of $5.65 billion. With the consensus EPS estimate being $0.28, the EPS surprise was +25.00%.
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:
- Production in millions of pounds - Copper - Total South America: 307 Mlbs compared to the 305.3 Mlbs average estimate based on three analysts.
- Production in millions of pounds - Copper - Total North America: 354 Mlbs versus the three-analyst average estimate of 355.43 Mlbs.
- Production in Ounces - Gold - Consolidated: 483 Koz compared to the 493.32 Koz average estimate based on three analysts.
- Production in millions of pounds - Molybdenum - By-product - North America: 9 Mlbs versus the three-analyst average estimate of 7.52 Mlbs.
- Production in millions of pounds - Molybdenum - Consolidated: 21 Mlbs versus 20.84 Mlbs estimated by three analysts on average.
- Revenues- Indonesia: $2.24 billion versus the six-analyst average estimate of $2.29 billion. The reported number represents a year-over-year change of +13.1%.
- Revenues- North America copper mines: $1.59 billion compared to the $1.51 billion average estimate based on five analysts. The reported number represents a change of -14.3% year over year.
- Revenues- South America copper mines: $1.15 billion versus the five-analyst average estimate of $1.28 billion. The reported number represents a year-over-year change of +13%.
- Revenues- Corporate, other & eliminations: -$1.61 billion versus the five-analyst average estimate of -$1.67 billion.
- Revenues- Atlantic Copper Smelting & Refining: $748 million versus $678.64 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +72.8% change.
- Revenues- Rod & Refining: $1.47 billion versus $1.50 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -16.4% change.
- Revenues- Molybdenum: $150 million compared to the $154.17 million average estimate based on three analysts. The reported number represents a change of +4.2% year over year.
View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned +2.3% over the past month versus the Zacks S&P 500 composite's +3.6% 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.