The natural resource company reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.11. The numbers came off the analysts’ estimates of $-0.08, a difference of -0.07 from the actual figure.
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Weak demand from top copper consumer China remains a key concern for the metal, said Helen Lau, analyst at Argonaut Securities in Hong Kong, muting the impact of recent output cuts by global producers. HSBC decreased their target price on Freeport-McMoRan from $17.50 to $13.50 in a research note on Tuesday, January 12th.
Out of 14 analysts covering Freeport-McMoRan, 8 rate it a Buy, 10 indicate a Hold while 0 suggest a Sell. Adjusted for asset impairment costs and non-recurring costs, its loss amounted to 2 cents per share.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 4.20 on Wednesday.
Handing over $530 million would undermine the CEO’s efforts to shore up the company’s balance sheet amid the worst commodities rout in a generation, which has led to five straight quarters of losses and a 78 percent share price plunge in the past year.
The article Underneath Freeport-McMoRan Inc’s Ugly Headline Number Is a Surprisingly Strong Quarter originally appeared on Fool.com.
Freeport-McMoRan Inc (FCX) issued its quarterly earnings results on Tuesday, Jan-26-2016. Since the beginning of 2016, Freeport has fallen 41.8%. Beech Hill Advisors Inc. now owns 40,600 shares of the natural resource company’s stock valued at $275,000 after buying an additional 3,900 shares during the last quarter.
The company also produces oil and natural gas, with oil at lowest price in more than a decade. FCX has its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum operations.
Freeport-McMoRan’s weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
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Freeport has five mining assets that are considered core to operations: Indonesia’s Grasberg, Arizona’s Morenci, Peru’s Cerro Verde, Chile’s El Abra and Tenke Fungurume in the Democratic Republic of Congo. In order for PTFI to get a six-month extension to continue exporting copper concentrates, the company will be required…
