- FCX updates forecast for FY Copper unit net cash costs to $1.63 per pound, up from $1.57, surpassing estimates of $1.60.
- Third-quarter forecast sees Copper unit net cash costs rising to $1.71 per pound, compared to the estimate of $1.61.
- Adjusted EPS: 46 cents vs. 35 cents y/y, beating the estimate of 36 cents.
- Revenue: $6.62 billion, a 15% increase year-over-year, surpassing the estimate of $6.06 billion.
- Copper production: 1.04 billion lbs, down 5.7% y/y.
- Copper unit net cash costs per pound: $1.73, up 18% y/y, lower than the estimate of $1.76.
- Copper average realized price per pound: $4.48, up 17% y/y, slightly above the estimate of $4.46.
- Gold production: 443,000 oz, down 8.3% y/y, less than the estimate of 457,252 oz.
- Gold sales volume: 361,000 oz, down 27% y/y, below the estimate of 406,592 oz.
- Gold average realized price per ounce: $2,299, up 18% y/y, marginally exceeding the estimate of $2,298.
- 15 analysts rated FCX as a “buy,” 7 as a “hold,” with no “sell” ratings.
Second Quarter Results
Analyst Ratings
Freeport Mcmoran on Smartkarma
Analysts on Smartkarma have been closely covering Freeport-McMoRan Inc., a prominent player in the mining industry. One such report by Baptista Research highlighted the company’s successful execution of business strategies in the first quarter earnings, emphasizing the strategic focus on copper to meet the growing global demand, especially in electrification. The analysis points towards tight market conditions due to limited new projects and delayed supply development, indicating potential opportunities for growth.
Furthermore, another report by Baptista Research showcased Freeport-McMoRan’s strong performance in FY 2023, particularly in Indonesia, with improved production levels and notable operational milestones. Efficiency gains from automation and advanced technologies were identified as game-changers for the company, fueling optimism among analysts. With a bullish sentiment prevailing in the coverage, investors are keen on monitoring Freeport-McMoRan’s trajectory in the evolving mining landscape.
A look at Freeport Mcmoran Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 2 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 2.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Freeport-McMoRan Inc., an international natural resources company, has a moderate long-term outlook based on the Smartkarma Smart Scores. With a balanced score of 3 in both Value and Growth categories, the company is seen as having potential for stable performance and expansion. Its Resilience score of 3 suggests that Freeport Mcmoran is positioned to withstand market fluctuations and economic challenges. The Momentum score of 3 indicates a steady pace of development and market presence. However, the company’s Dividend score of 2 signals a slightly lower potential for dividend returns compared to other factors. Overall, Freeport Mcmoran‘s outlook appears to be steady with room for growth.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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