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What You Need to Know Ahead of Freeport-McMoRan’s Earnings Release

Freeport-McMoRan Inc. (FCX[1]), headquartered in Phoenix, Arizona, is a leading international metals company with the objective of being foremost in copper. With a market cap of £54.7 billion[2], the company mines mineral properties exploring copper, gold, molybdenum, silver, and other metals. The leading international metals company is expected to announce its fiscal fourth-quarter earnings[3] for 2024 on Wednesday, Jan.

22. Ahead of the event, analysts expect FCX to report a profit of £0.38 per share[4] on a diluted basis, up 40.7% from £0.27 per share[5] in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion. 

For the full year, analysts expect FCX to report EPS of £1.49, down 3.3% from £1.54 in fiscal 2023[6]. However, its EPS is expected to rise 37.6% year over year to £2.05 in fiscal 2025. 

www.barchart.com[7]

FCX stock has underperformed the S&P 500's (£SPX[8]) 23.7% gains[9] over the past 52 weeks, with shares down 10%[10] during this period. Similarly, it underperformed the Materials Select Sector SPDR Fund's (XLB[11]) 2.6% losses[12] over the same time frame.

www.barchart.com[13]

On Oct.

22, FCX shares closed up more than 1%[14] after reporting its Q3 results[15]. Its adjusted EPS of £0.38 did not meet Wall Street expectations of £0.40. The company's revenue was £6.8 billion, exceeding Wall Street forecasts of £6.5 billion.

Analysts' consensus opinion on FCX stock[16] is moderately bullish, with a "Moderate Buy" rating overall. Out of 18 analysts covering the stock, 10 advise a "Strong Buy" rating, two suggest a "Moderate Buy," and six give a "Hold." FCX's average analyst price target is £55.29, indicating a potential upside of 46% from the current levels.

On the date of publication, Neha Panjwani[17] did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.

For more information please view the Barchart Disclosure Policy here[18]. More news from Barchart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

References

  1. ^ FCX (www.nasdaq.com)
  2. ^ £54.7 billion (www.nasdaq.com)
  3. ^ fourth-quarter earnings (www.barchart.com)
  4. ^ profit of £0.38 per share (www.nasdaq.com)
  5. ^ £0.27 per share (www.nasdaq.com)
  6. ^ fiscal 2023 (www.nasdaq.com)
  7. ^ www.barchart.com (www.nasdaq.com)
  8. ^ £SPX (www.barchart.com)
  9. ^ 23.7% gains (www.barchart.com)
  10. ^ down 10% (www.nasdaq.com)
  11. ^ XLB (www.nasdaq.com)
  12. ^ 2.6% losses (www.barchart.com)
  13. ^ www.barchart.com (www.nasdaq.com)
  14. ^ FCX shares closed up more than 1% (www.nasdaq.com)
  15. ^ Q3 results (www.barchart.com)
  16. ^ consensus opinion on FCX stock (www.nasdaq.com)
  17. ^ Neha Panjwani (www.barchart.com)
  18. ^ here (www.barchart.com)