Freeport-McMoRan Earnings: Here’s Why Shareholders Are Satisfied
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The profit and revenue beat are positive signs to shareholders seeking high growth out of Freeport-McMoRan. Shares are up 1.99%.
Freeport-McMoRan Copper & Gold Inc. Earnings Cheat Sheet
Results: Net income increased 16.09% to $743 million (78 cents per diluted share) in the quarter versus a net gain of $640 million in the year-earlier quarter.
Revenue: Rose 8.36% to $4.51 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Freeport-McMoRan Copper & Gold Inc. reported adjusted net income of 74 cents per share. By that measure, the company beat the mean analyst estimate of $0.7. It beat the average revenue estimate of $4.47 billion.
Quoting Management: James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer said, “Our global team continues to achieve strong and safe production while aggressively managing costs and executing on financially attractive projects to grow our copper production from 3.66 billion pounds in 2012 to over 5 billion pounds per annum in 2015…