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Freeport's (FCX) Earnings & Revenues Beat Estimates in Q2
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Freeport-McMoRan Inc. (FCX - Free Report) 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 58 cents per share for the second quarter that topped the Zacks Consensus Estimate of 54 cents.
Revenues
Freeport posted revenues of $5,168 million, which surpassed the Zacks Consensus Estimate of $4,821.2 million.
Investors should note that the Zacks Consensus Estimate for Freeport for the second quarter have been going down over the past month. The company has missed the Zacks Consensus Estimate in two of the trailing four quarters, while beating in the other two, with an average negative surprise of 3.6%.
Key Stats/Developments to Note
Freeport continues to anticipate consolidated sales volumes for 2018 to be roughly 3.8 billion pounds of copper, 2.4 million ounces of gold and 95 million pounds of molybdenum, including 970 million pounds of copper, 700,000 ounces of gold and 24 million pounds of molybdenum for third-quarter 2018.
For 2018, the company expects operating cash flows to be roughly $4.3 billion (including $0.2 billion in working capital and other tax payments). Capital expenditures are expected to be around $2 billion, which includes $1.1 billion for major mining projects mainly related to underground development in the Grasberg and the Lone Star oxide project.
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 2% 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!
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Freeport's (FCX) Earnings & Revenues Beat Estimates in Q2
Freeport-McMoRan Inc. (FCX - Free Report) 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 58 cents per share for the second quarter that topped the Zacks Consensus Estimate of 54 cents.
Revenues
Freeport posted revenues of $5,168 million, which surpassed the Zacks Consensus Estimate of $4,821.2 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 second quarter have been going down over the past month. The company has missed the Zacks Consensus Estimate in two of the trailing four quarters, while beating in the other two, with an average negative surprise of 3.6%.
Key Stats/Developments to Note
Freeport continues to anticipate consolidated sales volumes for 2018 to be roughly 3.8 billion pounds of copper, 2.4 million ounces of gold and 95 million pounds of molybdenum, including 970 million pounds of copper, 700,000 ounces of gold and 24 million pounds of molybdenum for third-quarter 2018.
For 2018, the company expects operating cash flows to be roughly $4.3 billion (including $0.2 billion in working capital and other tax payments). Capital expenditures are expected to be around $2 billion, which includes $1.1 billion for major mining projects mainly related to underground development in the Grasberg and the Lone Star oxide project.
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 2% 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!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>