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Freeport-McMoRan (FCX) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2024, Freeport-McMoRan (FCX - Free Report) reported revenue of $6.62 billion, up 15.5% over the same period last year. EPS came in at $0.46, compared to $0.35 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $5.99 billion, representing a surprise of +10.66%. The company delivered an EPS surprise of +17.95%, with the consensus EPS estimate being $0.39.
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:
Average realized price per pound - Copper: $4.48 compared to the $4.38 average estimate based on three analysts.
Production in millions of pounds - Molybdenum - By-product - North America: 6 Mlbs versus 8.17 Mlbs estimated by three analysts on average.
Sales in thousands of Ounces - Gold - North America: 5 Koz compared to the 3.56 Koz average estimate based on three analysts.
Sales in thousands of ounces - Gold - Consolidated basis: 361 Koz versus the three-analyst average estimate of 402.19 Koz.
Sales in thousands of Ounces - Gold - Indonesia: 356 Koz versus the three-analyst average estimate of 398.63 Koz.
Revenues- Indonesia: $2.27 billion compared to the $2.25 billion average estimate based on three analysts. The reported number represents a change of +1.4% year over year.
Revenues- Molybdenum: $138 million compared to the $260.15 million average estimate based on three analysts. The reported number represents a change of -8% year over year.
Revenues- South America copper mines: $1.51 billion versus the three-analyst average estimate of $1.26 billion. The reported number represents a year-over-year change of +31.6%.
Revenues- North America copper mines: $1.54 billion compared to the $1.49 billion average estimate based on three analysts. The reported number represents a change of -3.4% year over year.
Revenues- Rod & Refining: $1.70 billion versus the two-analyst average estimate of $1.45 billion. The reported number represents a year-over-year change of +15.7%.
Revenues- Atlantic Copper Smelting & Refining: $900 million compared to the $663.96 million average estimate based on two analysts. The reported number represents a change of +20.3% year over year.
Revenues- Corporate, other & eliminations: -$1.44 billion versus the two-analyst average estimate of -$1.80 billion. The reported number represents a year-over-year change of -10.3%.
Shares of Freeport-McMoRan have returned -8.7% over the past month versus the Zacks S&P 500 composite's +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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Freeport-McMoRan (FCX) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2024, Freeport-McMoRan (FCX - Free Report) reported revenue of $6.62 billion, up 15.5% over the same period last year. EPS came in at $0.46, compared to $0.35 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $5.99 billion, representing a surprise of +10.66%. The company delivered an EPS surprise of +17.95%, with the consensus EPS estimate being $0.39.
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:
- Average realized price per pound - Copper: $4.48 compared to the $4.38 average estimate based on three analysts.
- Production in millions of pounds - Molybdenum - By-product - North America: 6 Mlbs versus 8.17 Mlbs estimated by three analysts on average.
- Sales in thousands of Ounces - Gold - North America: 5 Koz compared to the 3.56 Koz average estimate based on three analysts.
- Sales in thousands of ounces - Gold - Consolidated basis: 361 Koz versus the three-analyst average estimate of 402.19 Koz.
- Sales in thousands of Ounces - Gold - Indonesia: 356 Koz versus the three-analyst average estimate of 398.63 Koz.
- Revenues- Indonesia: $2.27 billion compared to the $2.25 billion average estimate based on three analysts. The reported number represents a change of +1.4% year over year.
- Revenues- Molybdenum: $138 million compared to the $260.15 million average estimate based on three analysts. The reported number represents a change of -8% year over year.
- Revenues- South America copper mines: $1.51 billion versus the three-analyst average estimate of $1.26 billion. The reported number represents a year-over-year change of +31.6%.
- Revenues- North America copper mines: $1.54 billion compared to the $1.49 billion average estimate based on three analysts. The reported number represents a change of -3.4% year over year.
- Revenues- Rod & Refining: $1.70 billion versus the two-analyst average estimate of $1.45 billion. The reported number represents a year-over-year change of +15.7%.
- Revenues- Atlantic Copper Smelting & Refining: $900 million compared to the $663.96 million average estimate based on two analysts. The reported number represents a change of +20.3% year over year.
- Revenues- Corporate, other & eliminations: -$1.44 billion versus the two-analyst average estimate of -$1.80 billion. The reported number represents a year-over-year change of -10.3%.
View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned -8.7% over the past month versus the Zacks S&P 500 composite's +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.