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Freeport-McMoRan Inc. (FCX - Free Report) , formerly Freeport-McMoRan Copper & Gold Inc., is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.
Freeport’s copper business remains affected by the sluggish global economy and supply related issues. The difficult market conditions in Europe are still affecting copper markets. The slowdown in China (a major market for copper) adds to the concern. However, Freeport is aggressive managing its costs and continues to progress with its expansion initiatives.
Let’s have a quick look at this mining behemoth’s third-quarter release.
Estimate Trend & Surprise History
Estimate for Freeport for the third quarter has seen an uptrend over the past month. The company has beaten the Zacks Consensus Estimate in 2 of the trailing 4 quarters while missing in the other 2 with an average negative surprise of 20.45%.
Earnings
Freeport reported adjusted earnings of 13 cents per share for the quarter, missing the Zacks Consensus Estimate of 19 cents.
Revenues
Freeport posted revenues of $3,877 million, beating the Zacks Consensus Estimate of $3,860 million.
For 2016, Freeport expects sales volumes to be about 4.8 billion pounds of copper, 1.26 million ounces of gold and 73 million pounds of molybdenum.
Zacks Rank
Currently, Freeport has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
Freeport’s shares gained 0.7% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Freeport’s earnings report!
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Freeport (FCX) Misses Q3 Earnings Estimates, Revenues Beat
Freeport-McMoRan Inc. (FCX - Free Report) , formerly Freeport-McMoRan Copper & Gold Inc., is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.
Freeport’s copper business remains affected by the sluggish global economy and supply related issues. The difficult market conditions in Europe are still affecting copper markets. The slowdown in China (a major market for copper) adds to the concern. However, Freeport is aggressive managing its costs and continues to progress with its expansion initiatives.
Let’s have a quick look at this mining behemoth’s third-quarter release.
Estimate Trend & Surprise History
Estimate for Freeport for the third quarter has seen an uptrend over the past month. The company has beaten the Zacks Consensus Estimate in 2 of the trailing 4 quarters while missing in the other 2 with an average negative surprise of 20.45%.
Earnings
Freeport reported adjusted earnings of 13 cents per share for the quarter, missing the Zacks Consensus Estimate of 19 cents.
Revenues
Freeport posted revenues of $3,877 million, beating the Zacks Consensus Estimate of $3,860 million.
FREEPT MC COP-B Price and EPS Surprise
FREEPT MC COP-B Price and EPS Surprise | FREEPT MC COP-B Quote
Key Stats/Developments to Note
For 2016, Freeport expects sales volumes to be about 4.8 billion pounds of copper, 1.26 million ounces of gold and 73 million pounds of molybdenum.
Zacks Rank
Currently, Freeport has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
Freeport’s shares gained 0.7% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Freeport’s earnings report!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>