| A Closer Look at Freeport-McMoRan’s 3Q15 Earnings | |
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A Closer Look at Freeport-McMoRan’s 3Q15 Earnings 3Q15 earnings call
Freeport-McMoRan (FCX) released its 3Q15 financial results on October 22. The company reported a loss of $3.8 billion that translates into a per-share loss of $3.58. However, the loss includes an impairment of oil and gas properties and goodwill to the tune of $3.7 billion. After adjusting for this charge, Freeport-McMoRan reported an adjusted loss per share of $0.15.
Earnings miss estimates
Freeport-McMoRan’s adjusted net loss came in higher than Wall Street estimates. The company has missed analyst EPS estimates in three out of the last five quarters, as you can see in the graph above. Freeport-McMoRan stock was volatile after the earnings release. The stock opened lower but subsequently gained more than 6.5% intraday. Finally, it closed with modest gains of 0.6%.
Companies in the commodity (DBC) space, including Glencore (GLNCY), have been on a downward spiral this year. Although stock prices have recovered somewhat in the last couple of weeks, they’re still much lower on a year-to-date basis.
Teck Resources (TCK) and Vale (VALE) also reported their 3Q15 financial results on October 22. Teck Resources posted a loss in the quarter on asset write-downs. Vale also posted a loss, of $2 billion, on lower iron ore prices.
Series overview
In this series, we’ll explore Freeport-McMoRan’s 3Q15 earnings in detail. We’ll also discuss what factors could drive Freeport’s earnings in the coming quarters. We’ll cover the key points from the company’s 3Q15 earnings conference call. Towards the end of this series, we’ll also do a valuation analysis. This should help you understand how Freeport-McMoRan could play out in the coming quarters.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 68.1 billions as of today (€ 59.6 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on March 28, 2024 at US$ 47.02. Freeport McMoran has 1 448 000 000 shares outstanding. |