Freeport-McMoRan Beats Q2 Consensus, But Copper Sales Are Down As Debt Nears $9.5B
Portfolio Pulse from Lekha Gupta
Freeport-McMoRan Inc (NYSE:FCX) reported Q2 2023 revenue of $5.74 billion, beating the consensus of $5.54 billion. However, copper sales were down 5% Y/Y due to shipping delays in Indonesia. The company's total debt as of June 30 was $9.5 billion. FCX shares are trading lower by 4.26% at $39.60.
July 20, 2023 | 1:58 pm
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Freeport-McMoRan's Q2 revenue beat estimates but copper sales were down, and debt increased. The stock price fell by 4.26%.
Freeport-McMoRan's Q2 revenue beat estimates, which is a positive sign. However, the decrease in copper sales and the increase in debt are negative indicators that could have led to the drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100