Proactiveinvestors USA & Canada Freeport-McMoRan Inc https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Freeport-McMoRan Inc RSS feed en Thu, 23 May 2019 11:43:07 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Freeport McMoRan beats Street as gold and copper production ramp up ]]> https://ca.proactiveinvestors.com/companies/news/207762/freeport-mcmoran-beats-street-as-gold-and-copper-production-ramp-up-207762.html Freeport-McMoRan Inc (NYSE:FCX) reported on Wednesday a beat in both third-quarter earnings and revenue as better returns on gold, copper and other metals gave the company a lift.

The company said in a statement earnings per share (EPS) reached $0.35 on net income of $556 million, compared with net income of $280 million and EPS of $0.34 in the year-ago period. Quarterly revenue hit $4.91 billion, from $4.31 billion last year and the consensus of $4.56 billion.

Revenue for the first nine months of the year reached $14.94 billion, versus $11.36 billion in the same period last year. EPS for the period was at $1.46 compared with $0.50 a year ago.

"The pending completion of our new long-term partnership with the Indonesian government will enable us to de-risk a world class asset," said company president and CEO Richard Adkerson.

Freeport said consolidated sales totaled 1.04 billion pounds of copper, 837,000 ounces of gold and 22 million pounds of molybdenum in the third-quarter of 2018.

For the fourth quarter, Freeport is projecting it will produce 790 million pounds of copper, 330 thousand ounces of gold and 25 million pounds of molybdenum.

For the year, consolidated sales are expected to approximate 3.8 billion pounds of copper, 2.45 million ounces of gold and 95 million pounds of molybdenum.

Freeport shares were up 3.36% to $12 in the Wednesday premarket, having closed 3.25% lower on Tuesday at $11.61.

READ: Freeport-McMoRan Inc crushes second-quarter estimates, reports copper sales above guidance

Freeport said the average realized prices in the third-quarter of 2018 were $2.80 per pound for copper, $1,191 per ounce for gold and $12.40 per pound for molybdenum.

The average unit net cash costs for those metals in the third-quarter 2018 were $0.93 per pound of copper and are expected to average $1.06 per pound of copper for 2018.

Adkerson said given their "diverse long-lived copper assets, a solid balance sheet, a large resource position to support future growth and a positive fundamental outlook for copper, Freeport is poised to deliver substantial value to shareholders."

Freeport is a leading international mining company. The company operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum.

The company has mines in Indonesia, North and South America. Spending on exploration will reach $85 million in 2018.

Freeport is the world's largest publicly traded copper producer. The company headquarters is in Phoenix, Arizona.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

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Wed, 24 Oct 2018 08:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/207762/freeport-mcmoran-beats-street-as-gold-and-copper-production-ramp-up-207762.html
<![CDATA[News - Freeport-McMoRan Inc crushes second-quarter estimates, reports copper sales above guidance ]]> https://ca.proactiveinvestors.com/companies/news/201563/freeport-mcmoran-inc-crushes-second-quarter-estimates-reports-copper-sales-above-guidance-201563.html Miner Freeport-McMoRan Inc (NYSE:FCX) saw profits jump in its second-quarter, a sharp contrast to this time last year when a strike at its Indonesian mine cut into revenue.

The mining major reported earnings of US$0.59 per share (EPS) on revenue of US$5.2bn compared with US$0.18 EPS on revenue of US$3.7bn in the previous year’s second quarter.

The Arizona-based company crushed Wall Street estimates of US$0.52 EPS on revenue of $4.97bn.

The average realized price for copper rose to US$3.08 per pound from US$2.65.

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Consolidated sales for the second quarter totaled 989 million pounds of copper, a near 5% jump from 942 million pounds in the year-ago quarter. It came in above the expected guidance of 970 million pounds.

For the full year, sales are expected to total 3.8 billion pounds of copper.

"Despite the recent decline in copper prices associated with the uncertain impact on the global economy of recent international trade actions, we remain positive on the outlook for copper prices given limitations on supply and the important role of copper in the global economy," said CEO Richard Adkerson in a press release.

The mining company recently announced its plans to sell a majority stake in Grasberg, one of the world’s largest copper mines, to the Indonesian government in a series of deals valued around US$3.9bn.

Shares of the company were up around 1.5% to US$16.32 in Wednesday pre-market trading.

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Wed, 25 Jul 2018 08:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/201563/freeport-mcmoran-inc-crushes-second-quarter-estimates-reports-copper-sales-above-guidance-201563.html