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Freeport-McMoRan (FCX) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended September 2023, Freeport-McMoRan (FCX - Free Report) reported revenue of $5.82 billion, up 16.4% over the same period last year. EPS came in at $0.39, compared to $0.26 in the year-ago quarter.
The reported revenue represents a surprise of +5.39% over the Zacks Consensus Estimate of $5.53 billion. With the consensus EPS estimate being $0.32, the EPS surprise was +21.88%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $3.80 versus $3.86 estimated by four analysts on average.
Production in millions of pounds - Molybdenum - South America: 6 Mlbs versus 4.89 Mlbs estimated by four analysts on average.
Production in millions of pounds - Molybdenum - By-product - North America: 7 Mlbs compared to the 7.38 Mlbs average estimate based on four analysts.
Sales in thousands of Ounces - Gold - North America: 4 Koz versus the four-analyst average estimate of 3.78 Koz.
Sales in thousands of ounces - Gold - Consolidated basis: 399 Koz versus 431.31 Koz estimated by four analysts on average.
Revenues- Indonesia: $2.10 billion versus the four-analyst average estimate of $2.10 billion. The reported number represents a year-over-year change of +16.5%.
Revenues- Molybdenum: $147 million versus $218.65 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +15.8% change.
Revenues- South America copper mines: $1.24 billion versus the four-analyst average estimate of $1.16 billion. The reported number represents a year-over-year change of +29.1%.
Revenues- North America copper mines: $1.66 billion versus the four-analyst average estimate of $1.44 billion. The reported number represents a year-over-year change of +14.4%.
Revenues- Rod & Refining: $1.58 billion versus $1.45 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +9.4% change.
Revenues- Atlantic Copper Smelting & Refining: $700 million versus the three-analyst average estimate of $697.91 million. The reported number represents a year-over-year change of +14.9%.
Revenues- Corporate, other & eliminations: -$1.60 billion versus -$1.64 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +15.2% change.
Shares of Freeport-McMoRan have returned -8% over the past month versus the Zacks S&P 500 composite's -3% 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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Freeport-McMoRan (FCX) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended September 2023, Freeport-McMoRan (FCX - Free Report) reported revenue of $5.82 billion, up 16.4% over the same period last year. EPS came in at $0.39, compared to $0.26 in the year-ago quarter.
The reported revenue represents a surprise of +5.39% over the Zacks Consensus Estimate of $5.53 billion. With the consensus EPS estimate being $0.32, the EPS surprise was +21.88%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $3.80 versus $3.86 estimated by four analysts on average.
- Production in millions of pounds - Molybdenum - South America: 6 Mlbs versus 4.89 Mlbs estimated by four analysts on average.
- Production in millions of pounds - Molybdenum - By-product - North America: 7 Mlbs compared to the 7.38 Mlbs average estimate based on four analysts.
- Sales in thousands of Ounces - Gold - North America: 4 Koz versus the four-analyst average estimate of 3.78 Koz.
- Sales in thousands of ounces - Gold - Consolidated basis: 399 Koz versus 431.31 Koz estimated by four analysts on average.
- Revenues- Indonesia: $2.10 billion versus the four-analyst average estimate of $2.10 billion. The reported number represents a year-over-year change of +16.5%.
- Revenues- Molybdenum: $147 million versus $218.65 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +15.8% change.
- Revenues- South America copper mines: $1.24 billion versus the four-analyst average estimate of $1.16 billion. The reported number represents a year-over-year change of +29.1%.
- Revenues- North America copper mines: $1.66 billion versus the four-analyst average estimate of $1.44 billion. The reported number represents a year-over-year change of +14.4%.
- Revenues- Rod & Refining: $1.58 billion versus $1.45 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +9.4% change.
- Revenues- Atlantic Copper Smelting & Refining: $700 million versus the three-analyst average estimate of $697.91 million. The reported number represents a year-over-year change of +14.9%.
- Revenues- Corporate, other & eliminations: -$1.60 billion versus -$1.64 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +15.2% change.
View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned -8% over the past month versus the Zacks S&P 500 composite's -3% 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.