Freeport-McMoRan Reports Third Quarter 2024 Financial Results
Freeport-McMoRan Inc. (NYSE: FCX) has announced its financial results for the third quarter of 2024, showcasing a robust performance despite some operational challenges.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $6.79B | $5.82B | +16.6% | $6.47B |
| Earnings Per Share (EPS) | $0.36 | $0.31 | +16.1% | $0.35 |
| Adjusted EPS | $0.38 | $0.39 | -2.6% | $0.37 |
Freeport-McMoRan's revenue exceeded expectations, driven by higher copper prices and increased sales volumes. The company's EPS also surpassed consensus estimates, reflecting strong operational performance and cost management.
Segment Revenue Performance:
| Segment | Q3 2024 Revenue | Previous Guidance | Performance vs. Guidance |
|---|---|---|---|
| North America | $1.59B | - | - |
| South America | $1.32B | - | - |
| Indonesia | $2.98B | - | - |
The Indonesia segment led the revenue growth, benefiting from higher gold and copper sales. North and South America segments also contributed positively, although specific guidance comparisons were not provided.
Operational Data:
| Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Copper Production (lbs) | 1.05B | 1.09B | -3.7% |
| Gold Production (oz) | 456,000 | 532,000 | -14.3% |
| Molybdenum Production (lbs) | 20M | 20M | 0% |
Copper production saw a slight decline due to lower ore grades, while gold production decreased significantly, impacting overall output.
Management Commentary:
Richard Adkerson, Chairman and CEO, highlighted the company's strong margins and cash flows, emphasizing the focus on productivity and cost control. He also mentioned ongoing efforts to restore operations at the new Indonesia smelter following a recent fire incident.
Dividends and Share Repurchase:
Freeport-McMoRan declared a cash dividend of $0.15 per share, maintaining its commitment to shareholder returns. The company also repurchased 1.2 million shares, reflecting confidence in its long-term growth prospects.
Forward Guidance:
The company provided guidance for the full year 2024, expecting consolidated sales of approximately 4.1 billion pounds of copper, 1.8 million ounces of gold, and 80 million pounds of molybdenum. The outlook remains positive, supported by favorable market fundamentals.
Stock Price Movement:
Following the earnings release, Freeport-McMoRan's stock price experienced a modest increase, reflecting investor confidence in the company's performance and future prospects.
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