Freeport-McMoran (FCX) Misses Q2 EPS by 3c

July 25, 2017 8:01 AM EDT

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Freeport-McMoran (NYSE: FCX) reported Q2 EPS of $0.17, $0.03 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $3.71 billion versus the consensus estimate of $3.66 billion.

  • Net income attributable to common stock totaled $268 million, $0.18 per share, for second-quarter 2017. After adjusting for net gains of $27 million, $0.01 per share, second-quarter 2017 adjusted net income attributable to common stock totaled $241 million, $0.17 per share.
  • Consolidated sales totaled 942 million pounds of copper, 432 thousand ounces of gold and 25 million pounds of molybdenum for second-quarter 2017.
  • Consolidated sales for the year 2017 are expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold and 93 million pounds of molybdenum, including 940 million pounds of copper, 375 thousand ounces of gold and 22 million pounds of molybdenum for third-quarter 2017.
  • Average realized prices were $2.65 per pound for copper, $1,243 per ounce for gold and $9.58 per pound for molybdenum for second-quarter 2017.
  • Average unit net cash costs were $1.20 per pound of copper for second-quarter 2017 and are expected to average $1.19 per pound of copper for the year 2017.
  • Operating cash flows totaled $1.0 billion (including $144 million in working capital sources and changes in tax payments) for second-quarter 2017 and $1.8 billion (including $322 million in working capital sources and changes in tax payments) for the first six months of 2017. Based on current sales volume and cost estimates, and assuming average prices of $2.65 per pound for copper, $1,250 per ounce for gold and $7.50 per pound for molybdenum for the second half of 2017, operating cash flows for the year 2017 are expected to approximate $3.8 billion (including $0.6 billion in working capital sources and changes in tax payments).
  • Capital expenditures totaled $362 million (including approximately $210 million for major mining projects) for second-quarter 2017 and $706 million for the first six months of 2017 (including approximately $420 million for major mining projects). Capital expenditures for the year 2017 are expected to approximate $1.6 billion, including $0.7 billion for underground development activities in the Grasberg minerals district in Indonesia, which depends on a resolution of PT Freeport Indonesia\'s (PT-FI) long-term operating rights.
  • At June 30, 2017, consolidated cash totaled $4.7 billion and consolidated debt totaled $15.4 billion, compared with $4.2 billion of consolidated cash and $16.0 billion of consolidated debt at December 31, 2016. FCX had no borrowings and $3.5 billion available under its revolving credit facility at June 30, 2017.

For earnings history and earnings-related data on Freeport-McMoran (FCX) click here.



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