Freeport-McMoRan Reports Q3 Beat, Touts Revenue Growth And Improved Margins
Portfolio Pulse from Akanksha Bakshi
Freeport-McMoRan Inc (NYSE:FCX) reported a Q3 FY23 revenue growth of 16.4% YoY to $5.82 billion, beating the consensus of $5.41 billion. Adjusted EPS was 39 cents, beating the consensus of 34 cents. The company saw increases in copper and molybdenum sales, but a decrease in gold sales. Operating income increased by 55.1% YoY to $1.49 billion, and margin expanded by 640 bps to 25.6%. The company expects operating cash flows of ~$5.4 billion in FY23 and capital expenditures to be ~$4.8 billion.
October 19, 2023 | 4:06 pm
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POSITIVE IMPACT
Freeport-McMoRan reported strong Q3 results with revenue and EPS beating consensus. The company also reported increased sales in copper and molybdenum but a decrease in gold sales.
The strong Q3 results, with revenue and EPS beating consensus, are likely to have a positive impact on Freeport-McMoRan's stock in the short term. The increase in copper and molybdenum sales, despite the decrease in gold sales, also indicates a positive performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100