Why Mining Company Freeport-McMoRan's Shares Are Hitting Jackpot Today
Portfolio Pulse from Akanksha Bakshi
Freeport-McMoRan Inc (NYSE:FCX) reported Q4 fiscal 2023 revenue of $5.91 billion, surpassing estimates of $5.86 billion. Adjusted EPS was $0.27, above the consensus of $0.22. Copper sales increased by 7.1% Y/Y, and gold sales by 19.9% Y/Y. The company achieved a 90% completion milestone on Indonesia smelter projects, saw a 12.6% Y/Y increase in operating income, and ended the quarter with $4.76 billion in cash. FCX expects strong sales volumes and operating cash flows for 2024. Shares rose 5.2% to $40.16.
January 24, 2024 | 5:05 pm
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Freeport-McMoRan reported higher than expected Q4 revenue and EPS, with significant increases in copper and gold sales. The company also provided a positive outlook for 2024, expecting strong sales volumes and operating cash flows.
The positive earnings report and optimistic outlook for 2024, including expected operating cash flows and sales volumes, are likely to instill investor confidence and drive short-term positive momentum in FCX's stock price.
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RELEVANCE 100