Freeport-McMoRan Inc. (FCX) recorded net income (attributable to common stock) of $473 million or 32 cents per share in first-quarter 2024, down around 29% from $663 million or 46 cents in the year-ago quarter.Barring one-time items, adjusted earnings per share were 32 cents, topping the Zacks Consensus Estimate of 27 cents.Revenues rose roughly 17% year over year to $6,321 million. The figure also surpassed the Zacks Consensus Estimate of $5,657.1 million. The company witnessed higher copper sales in the r ...

Freeport-McMoRan (FCX) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 18.52%. A quarter ago, it was expected that this mining company would post earnings of $0.21 per share when it actually produced earnings of $0.27, delivering a surprise of 28.57%.Over the last four quarters, the c ...

Freeport-McMoRan Reports First-Quarter 2024 Results • Strong first-quarter 2024 operating performance: ◦ Copper sales volumes exceeded January 2024 estimate and first-quarter 2023 ◦ Unit net cash costs below January 2024 estimate and first-quarter 2023 • Indonesia smelter projects nearing completion with start-up activities expected in second-quarter 2024 • Solid financial position • Favorable market fundamentals ▪ Net income attributable to common stock in first-quarter 2024 totaled $473 million, $0.32 per ...

The case for this industrial metal is only getting more robust with the growth in AI applications.Growth in artificial intelligence (AI) applications means more demand for data center power capacity to fuel it, which means more demand for copper. That's the latest argument from copper bulls. While it's easy to be cynical and conclude it's merely the newest fad latching onto the market's love for anything AI-related, the reality is the case for copper is compelling, and it's one that investors in Freeport-Mc ...

Wall Street analysts forecast that Freeport-McMoRan (FCX) will report quarterly earnings of $0.30 per share in its upcoming release, pointing to a year-over-year decline of 42.3%. It is anticipated that revenues will amount to $5.61 billion, exhibiting an increase of 4.2% compared to the year-ago quarter.The current level reflects an upward revision of 9.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised ...

Core Viewpoint - Freeport-McMoRan Inc. (FCX) is expected to report first-quarter 2024 results on April 23, with anticipated benefits from increased mining rates, strong copper prices, and lower costs [1] Group 1: Earnings Estimates - For Q1 2024, Freeport expects sales volumes of 1 billion pounds of copper, 575,000 ounces of gold, and 20 million pounds of molybdenum, with consolidated revenues estimated at $5,613 million, reflecting a year-over-year increase of 4.2% [2] - The Zacks Consensus Estimate for earnings in Q1 is currently pegged at 31 cents per share [6] Group 2: Cost and Volume Improvements - Freeport is likely to benefit from improved cost management, with estimated consolidated net cash costs per pound of copper at $1.55, indicating a year-over-year decrease of 11.9% [3] - The company is expected to report consolidated copper sales of 1,001 million pounds for Q1, suggesting a year-over-year increase of 20.3% [4] Group 3: Market Conditions - Copper prices have increased by over 12% this year, reaching levels last seen in June 2022, driven by production cuts from China's top smelters and rising demand from the recovery in China's industrial sector [5]

The most recent trading session ended with Freeport-McMoRan (FCX) standing at $50.74, reflecting a -0.35% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.74%. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq increased by 1.68%.The the stock of mining company has risen by 17.3% in the past month, leading the Basic Materials sector's gain of 3.54% and the S&P 500's gain of 0.8%.The investment community wi ...

Core Viewpoint - Copper is positioned to outperform gold and other commodities, driven by strong demand from global manufacturing and AI, regardless of Federal Reserve interest rate cuts in 2024 [1][11]. Group 1: Commodity Supercycle - A new commodity supercycle began in the summer of 2020, leading to significant investment gains in related commodities, including copper [2]. - Commodity supercycles are characterized by initial investment gains followed by potential losses in later stages, making early monitoring crucial [3]. Group 2: Current Market Dynamics - Despite a decline in commodity prices after a peak in 2022, the supercycle is not over, as price fluctuations are common and long-term supply issues persist [5]. - The "commodity comeback" is anticipated to start in 2024, suggesting a resurgence in commodity prices, particularly copper [6]. Group 3: Investment Case for Copper - Copper has shown strong momentum, outperforming the S&P 500, with a 23% increase in the Global X Copper Miners ETF (COPX) compared to the S&P's 7% rise since early February [10][11]. - Historical data indicates that if the Federal Reserve cuts interest rates, copper is likely to outperform other commodities, including gold [11]. - The demand outlook for copper is robust, driven by its essential role in technology, AI advancements, and the green energy transition [12]. Group 4: Supply and Demand Factors - Current copper supply is insufficient to meet projected demand, which could nearly double by 2035, exacerbated by challenges faced by mining companies [12]. - The construction of AI-related data centers is expected to significantly increase copper demand, with estimates suggesting a 0.5% to 1% rise in global demand [14]. - China's economic policies and growth targets are likely to boost copper demand, as the country consumes approximately 60% of the world's copper [15]. Group 5: Investment Strategies - The Global X Copper Miners ETF (COPX) is recommended as a strong investment option, holding a diversified portfolio of top copper miners [16]. - Freeport McMoRan (FCX) is highlighted as a specific investment opportunity, with previous significant returns for investors [16].

Stock Performance - Freeport-McMoRan (FCX) closed at $49.47, up 0.59% from the previous session, underperforming the S&P 500 (+1.11%), Dow (+0.8%), and Nasdaq (+1.24%) [1] - Over the past month, FCX shares gained 23.54%, outperforming the Basic Materials sector (+5.96%) and the S&P 500 (+0.48%) [1] Earnings and Revenue Projections - FCX's upcoming earnings report is expected on April 23, 2024, with projected EPS of $0.31, a 40.38% decrease YoY, and revenue of $5.64 billion, a 4.67% increase YoY [1] - For the full year, Zacks Consensus Estimates project EPS of $1.51 (a 1.95% decrease YoY) and revenue of $23.72 billion (a 3.76% increase YoY) [2] Analyst Estimates and Zacks Rank - Recent changes to analyst estimates for FCX reflect optimism about the company's business and profitability [2] - The Zacks Rank system, with FCX currently holding a 3 (Hold) rank, has a strong track record, with 1 stocks averaging +25% annual returns since 1988 [3] - The Zacks Consensus EPS estimate for FCX has moved 0.86% lower in the past month [3] Valuation and Industry Ranking - FCX is trading at a Forward P/E ratio of 32.56, a premium compared to its industry's Forward P/E of 16.81 [3] - The Mining - Non Ferrous industry, part of the Basic Materials sector, has a Zacks Industry Rank of 92, placing it in the top 37% of all industries [3] - Research shows that top 50% rated industries outperform the bottom half by a factor of 2 to 1 [3]

Freeport-McMoRan's exposure to copper is taking the stock sharply higher.Shares in copper miner Freeport-McMoran (FCX 1.19%) surged higher by 24.4% in March, according to data provided by S&P Global Market Intelligence. You don't have to look too far for the reasons behind the move; the price of copper started the month at $3.84 per pound and ended at $4.04 per pound. Moreover, at the time of writing, it's even higher at $4.23. What the move in copper means to Freeport-McMoRan investorsOn every quarterly ea ...