Freeport (FCX) to Report Q1 Earnings: What's in the Offing?

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]