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Freeport-McMoRan Inc. (NYSE:FCX) shares are trading lower after the company reported first-quarter FY24 results.
Revenue stood at $6.32 billion, beating the consensus of $5.66 billion. Adjusted EPS was $0.32, beating the consensus of $0.27.
Copper sales (excluding purchases) totaled 1.1 billion pounds, an increase of 33% Y/Y, led by higher mining and milling rates and ore grades at PT-FI. The average realized price per pound was $3.94, and production totaled 1.085 billion pounds.
Gold sales of 568 thousand ounces (more than doubled Y/Y); Average realized price per ounce was $2,145.
Operating income stood at $1.63 billion vs $1.60 billion a year ago. Operating cash flow for the quarter totaled $1.90 billion, compared to $1.05 billion a year ago.
Freeport-McMoRan had $6.3 billion in cash and equivalents at the end of the quarter. Consolidated debt totaled $9.4 billion.
In February, the company stated that Kathleen L. Quirk, President, will transition to President and Chief Executive Officer (CEO) effective June 11, 2024.
Q2 FY24 Outlook: Freeport-McMoRan expects consolidated sales volumes to be 1.0 billion pounds of copper, 500 thousand ounces of gold, and 21 million pounds of molybdenum. It expects unit net cash costs for copper mines to average $1.57 per pound of copper.
2024 Outlook: Freeport-McMoRan now expects consolidated sales volumes to be ~4.15 billion pounds of copper, 2.0 million ounces of gold, and 84 million pounds of molybdenum.
It sees consolidated unit net cash costs for copper mines to average $1.57 per pound of copper in 2024.
The company expects operating cash flows of ~$7.4 billion in 2024, assuming average prices of $4.25 per pound for copper, $2,300 per ounce for gold, and $20.00 per pound for molybdenum for the remainder of 2024. The company sees capital expenditures of ~$4.6 billion in 2024.
Read: Riding The Wave: Freeport-McMoRan Receives Upgrade As Analyst Foresees Copper And Gold Boom
Kathleen L. Quirk said, “Market fundamentals for copper are positive, supported by copper’s increasingly important role in the global economy and limited available supplies to meet growing demand. Freeport is strongly positioned for the future as a leading producer of copper with multiple options for future growth and an experienced team with a track record of accomplishment.”
Investors can gain exposure to the stock via Sprott Copper Miners ETF (NASDAQ:COPP) and Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF (NYSE:CRIT).
Also Read: Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?
Price Action: FCX shares are trading lower by 1.78% at $48.08 at the last check Tuesday.
Photo via Shutterstock
