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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 second-quarter release.
Estimate Trend & Surprise History
Estimate for Freeport for the second quarter has moved from loss of 5 cents a week ago to a loss of 1 cent. The company has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters while missing in the other 1 with an average positive surprise of 11.37%.
Earnings
Freeport reported adjusted loss of 2 cents per share for the quarter, wider than the Zacks Consensus Estimate of a loss of a penny.
Revenues
Freeport posted revenues of $3,334 million, missing the Zacks Consensus Estimate of $3,733 million.
As previously announced Freeport plans to strengthen its balance sheet and speed up its debt reduction initiatives. The company announced over $4 billion in transactions and has received total cash consideration of $1.4 billion, including $87 million in Jul 2016. The $2.65 billion Tenke Fungurume transaction is also expected to complete in fourth-quarter 2016. During the reported quarter, Freeport restructured its oil and gas business to cut costs and align capital allocation for the business with the company’s debt reduction actions.
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 fell 6.3% 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) Posts Loss in Q2, Revenues Miss
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 second-quarter release.
Estimate Trend & Surprise History
Estimate for Freeport for the second quarter has moved from loss of 5 cents a week ago to a loss of 1 cent. The company has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters while missing in the other 1 with an average positive surprise of 11.37%.
Earnings
Freeport reported adjusted loss of 2 cents per share for the quarter, wider than the Zacks Consensus Estimate of a loss of a penny.
Revenues
Freeport posted revenues of $3,334 million, missing the Zacks Consensus Estimate of $3,733 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
As previously announced Freeport plans to strengthen its balance sheet and speed up its debt reduction initiatives. The company announced over $4 billion in transactions and has received total cash consideration of $1.4 billion, including $87 million in Jul 2016. The $2.65 billion Tenke Fungurume transaction is also expected to complete in fourth-quarter 2016. During the reported quarter, Freeport restructured its oil and gas business to cut costs and align capital allocation for the business with the company’s debt reduction actions.
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 fell 6.3% 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!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>