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Compared to Estimates, Freeport-McMoRan (FCX) Q1 Earnings: A Look at Key Metrics

Zacks Equity Research
·3-min read

Freeport-McMoRan (FCX) reported $6.32 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 17.3%. EPS of $0.32 for the same period compares to $0.52 a year ago.

The reported revenue represents a surprise of +11.74% over the Zacks Consensus Estimate of $5.66 billion. With the consensus EPS estimate being $0.27, the EPS surprise was +18.52%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Freeport-McMoRan performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Average realized price per pound - Copper: $3.94 versus the three-analyst average estimate of $3.88.

  • Production in millions of pounds - Molybdenum - South America: 3 Mlbs versus 5.48 Mlbs estimated by three analysts on average.

  • Production in millions of pounds - Molybdenum - By-product - North America: 7 Mlbs versus the three-analyst average estimate of 7.1 Mlbs.

  • Sales in thousands of Ounces - Gold - North America: 4 Koz versus the three-analyst average estimate of 4.39 Koz.

  • Sales in thousands of ounces - Gold - Consolidated basis: 568 Koz versus the three-analyst average estimate of 574.23 Koz.

  • Revenues- Indonesia: $2.83 billion versus the three-analyst average estimate of $2.54 billion. The reported number represents a year-over-year change of +106.5%.

  • Revenues- Molybdenum: $145 million compared to the $238.86 million average estimate based on three analysts. The reported number represents a change of -35% year over year.

  • Revenues- South America copper mines: $1.14 billion versus the three-analyst average estimate of $1.11 billion. The reported number represents a year-over-year change of -20.9%.

  • Revenues- North America copper mines: $1.50 billion versus the three-analyst average estimate of $1.34 billion. The reported number represents a year-over-year change of -10.1%.

  • Revenues- Rod & Refining: $1.50 billion versus $1.38 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2% change.

  • Revenues- Atlantic Copper Smelting & Refining: $673 million versus $680.93 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -11% change.

  • Revenues- Corporate, other & eliminations: -$1.46 billion versus -$1.80 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -8.4% change.

View all Key Company Metrics for Freeport-McMoRan here>>>

Shares of Freeport-McMoRan have returned +7.9% over the past month versus the Zacks S&P 500 composite's -4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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