Free Research Report as Freeport-McMoRan’s Quarterly Sales Advanced 15% and EPS Rocketed 238%

LONDON, UK / ACCESSWIRE / February 01, 2018 / Active-Investors.com has just released a free earnings report on Freeport-McMoRan Inc. (NYSE: FCX) .If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FCX. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 25, 2018. The world's second-largest copper miner by production delivered better than expected quarterly revenue and earnings. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Freeport-McMoRan most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the three months ended December 31, 2017, Freeport-McMoRan's revenue rose 15.1% to $5.01 billion compared to $4.38 billion in Q4 2016. The Company's revenue numbers topped analysts' estimates of $4.88 billion. For the full year FY17, Freeport-McMoRan's revenue totaled $16.40 billion, up 10.6% compared to $14.83 billion in FY17.

During Q4 2017, Freeport-McMoRan's average realized prices were $3.21 per pound for copper; $1,285 per ounce for gold; and $9.79 per pound for molybdenum. The Company's average unit net cash costs were $1.04 per pound of copper for the reported quarter.

Freeport-McMoRan reported a net income attributable to common stock of $1.04 billion, or $0.71 per share, for Q4 2016 compared to $292 million, or $0.21 per share, for Q4 2016. After adjusting for net gains of $291 million, or $0.20 per share, primarily related to tax benefits associated with US tax reform, and partially offset by charges for adjustments to environmental obligations, Freeport-McMoRan's adjusted net income attributable to common stock totaled $750 million, or $0.51 per share, for the reported quarter; beating Wall Street's estimates of $0.48 per share.

For FY17, Freeport-McMoRan posted a net income attributable to common stock of $1.8 billion, or $1.25 per share, compared to a net loss attributable to common stock of $4.2 billion, or $3.16 per share, for FY16.

Consolidated Sales Volumes

During Q4 2017, Freeport-McMoRan's copper sales of 1.0 billion pounds were lower than the sales of 1.1 billion pounds in Q4 2016, primarily reflecting lower sales volumes in North America and at Cerro Verde. The Company's gold sales of 593,000 ounces in the reported quarter were higher than the sales of 405,000 ounces in the year ago same period, primarily attributed to anticipated higher ore grades from Indonesia. For Q4 2017, Freeport-McMoRan's molybdenum sales of 24 million pounds were higher compared to sales of 22 million pounds in Q4 2016.

Freeport-McMoRan's sales volumes are expected to approximate 3.9 billion pounds of copper; 2.4 million ounces of gold; and 91 million pounds of molybdenum, including 1.0 billion pounds of copper; 675,000 ounces of gold; and 24 million pounds of molybdenum in Q1 FY18.

During Q4 2017, Freeport-McMoRan's consolidated average unit net cash costs for copper mines were $1.04 per pound of copper, lower than unit net cash costs of $1.21 per pound in Q4 2016, primarily reflecting higher by-product credits.

Segment Results

During Q4 2017, Freeport-McMoRan's North America unit's consolidated copper sales volumes of 354 million pounds were lower than the sales of 416 million pounds in Q4 2016, primarily reflecting anticipated lower ore grades. Average unit net cash costs for the North America copper mines were $1.68 per pound of copper in the reported quarter, higher than unit net cash costs of $1.44 per pound in the year ago comparable period.

For Q4 2017, Freeport-McMoRan's South America segment's consolidated copper sales volumes totaled 312 million pounds compared to sales of 359 million pounds in Q4 2016, primarily reflecting lower recovery rates at Cerro Verde. Average unit net cash costs for South America mining came in at $1.73 per pound of copper in the reported quarter compared to unit net cash costs of $1.51 per pound in the year ago corresponding period, primarily reflecting lower sales volumes and higher mining and milling costs at Cerro Verde.

Freeport-McMoRan's consolidated copper sales totaled 351 million pounds in Indonesia in Q4 2017, marginally lower from the sales of 352 million pounds in Q4 2016. Indonesia's consolidated gold sales of 584,000 ounces in the reported quarter were higher than the sales of 401 thousand ounces of the year ago same period, reflecting higher gold ore grades.

For Q4 2017, Freeport-McMoRan's production from the Molybdenum mines totaled 8 million pounds of molybdenum in Q4 2017 compared to 7 million pounds in Q4 2016. Unit net cash costs for the Molybdenum mines averaged $8.40 per pound of molybdenum in the reported quarter versus $8.26 per pound in the year earlier comparable quarter.

Financial Position

Freeport-McMoRan generated operating cash flows of $1.7 billion and $4.7 billion during Q4 2017 and FY17, respectively. The Company's capital expenditure totaled $390 million for the reported quarter and $1.4 billion for the year ended 2017. Freeport-McMoRan's capital expenditure is expected to approximate $2.1 billion for FY18.

During Q4 2017, Freeport-McMoRan repaid $1.7 billion in debt, including the redemption of $617 million of senior notes due 2020 and the repurchase of $74 million of senior notes due 2018, in open-market transactions.

At December 31, 2017, Freeport-McMoRan's consolidated cash totaled $4.4 billion and consolidated debt totaled $13.1 billion. The Company had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2017.

Stock Performance Snapshot

January 31, 2018 - At Wednesday's closing bell, Freeport-McMoRan's stock advanced 1.93%, ending the trading session at $19.50.

Volume traded for the day: 15.08 million shares.

Stock performance in the last month – up 2.85%; previous three-month period – up 39.89%; past twelve-month period – up 17.12%; and year-to-date – up 2.85%

After yesterday's close, Freeport-McMoRan's market cap was at $28.63 billion.

Price to Earnings (P/E) ratio was at 26.97.

The stock is part of the Basic Materials sector, categorized under the Copper industry. This sector was up 0.2% at the end of the session.

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