Freeport-McMoRan stock shines after 2Q expectations beat
Freeport-McMoRan Inc (NYSE:FCX)[1] shares gained ground Thursday after the mining company beat second-quarter expectations on the top and bottom lines.
Freeport posted revenue of $5.74 billion, up 6% year-over-year and topping the Zacks estimate of $5.65 billion. Adjusted earnings came in at $0.35 per share, higher than the Zacks estimate of $0.28 per share.
Net income was $343 million, down 59% from $840 million a year earlier.
Shares of the Phoenix-based company rose 4% Thursday afternoon to $42.29.
Copper production, a key metric for the company, fell 0.7% year-over-year to 1.07 billion pounds, slightly below the Zacks estimate of 1.11 billion pounds. Gold sales increased 4% to 495,000 ounces over the same period, but also fell short of Zacks projection of 500,000 ounces.
Looking ahead, Freeport expects consolidated sales volumes to be roughly 4 billion pounds of copper and 1.75 million ounces of gold in 2023. It also expects sales of 79 million pounds of molybdenum.
In the third quarter, Freeport expects to sell 1 billion pounds of copper, 420,000 ounces of gold and 20 million pounds of molybdenum.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
References
- ^ Freeport-McMoRan Inc (NYSE:FCX) (www.proactiveinvestors.co.uk)