- Freeport 1Q adjusted EPS outperforms estimates with 32c as compared to the previous year’s 52c, and an estimated 26c.
- Revenue saw an increase of 17% year-on-year totaling $6.32 billion, beating estimates of $5.73 billion.
- Copper production increased by 12% from the previous year, reaching 1.09 billion lbs.
- Copper unit net cash costs per pound decreased by 14% from last year to $1.51, lower than the estimated $1.53.
- Copper’s average realized price per pound was $3.94, a 4.1% decrease year on year, albeit higher than the estimated $3.84.
- Gold production grew significantly, with a 36% increase year on year, producing 549,000 oz, more than the estimated 537,820.
- Gold sales volume jumped to 568,000 oz as compared to the previous year’s 270,000, although slightly missing the estimate of 575,373.
- The average realized price per ounce of gold was $2,145, a 10% increase year on year, and above the estimated $2,004.
- The year’s forecast for capital expenditure remains about $4.6 billion, higher than the estimated $4.43 billion.
- The investor’s sentiment seems positive with 13 buying, 10 holding, and none selling.
Freeport Mcmoran on Smartkarma
Analysts on Smartkarma, like Baptista Research, are providing bullish insights on Freeport-McMoran Inc. According to Baptista Research‘s report titled “Freeport-McMoran Inc: Efficiencies From Automation & Advanced Technologies As A Game Changer! – Major Drivers,” Freeport-McMoran reported solid operating results in FY 2023. A notable highlight was the company’s strong performance in Indonesia, with production levels seeing improvement for the fourth consecutive year. Freeport-McMoran also achieved various milestones, such as reaching target run rates for leach production in the Americas and making significant progress on the Indonesian smelter project.
A look at Freeport Mcmoran Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 2 | |
| Growth | 5 | |
| Resilience | 3 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.4 |
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, possesses a positive long-term outlook based on its Smart Scores evaluation. With a strong growth score of 5 and a momentum score of 5, the company shows promising signs of expansion and market interest. These factors indicate that Freeport Mcmoran may have significant potential for future development and increased market activity within its industry.
Furthermore, while the value and dividend scores are moderate at 2 each, the company’s resilience score of 3 reflects its ability to withstand challenges and adapt to changing market conditions. Overall, Freeport Mcmoran‘s diverse range of assets, including copper, gold, and oil, positions it well for long-term success and continued growth in the natural resources sector.
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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