Freeport (FCX) Q1 Earnings, Revenues Miss Estimates
Zacks Investment Research | Apr 25, 2017 02:25AM ET
Freeport-McMoRan Inc. (NYSE:FCX) reported net income (attributable to common stock) of 16 cents per share for first-quarter 2017, as against the year-ago loss of $3.35 per share.
Barring one-time items, adjusted earnings were 15 cents a share in the first quarter, missing the Zacks Consensus Estimate of 17 cents.
Revenues grew around 3% year over year to $3,341 million in the reported quarter but missed the Zacks Consensus Estimate of $3,505 million.
Consolidated sales from mines totaled 809 million pounds of copper, 182,000 ounces of gold and 24 million pounds of molybdenum for the reported quarter. Sales volumes have been impacted by regulatory restrictions on PT Freeport Indonesia's (PT-FI) concentrate exports since mid-Jan 2017, resulting in the deferral of roughly 190 million pounds of copper and 280,000 ounces of gold in first-quarter 2017. However, PT-FI's concentrate exports resumed on Apr 21, 2017.
Freeport-McMoran, Inc. Price, Consensus and EPS Surprise
Mining-Non Ferrous industry’s 10.5% loss.
Zacks Rank & Key Picks
Freeport currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the basic materials space include United States Steel Corp. (NYSE:X) , Ternium S.A. (NYSE:X) and Lundin Mining Corp. (OTC:LUNMF) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.