Freeport-McMoRan Copper & Gold, Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Freeport-McMoRan Copper & Gold, Inc. (NYSE:FCX) will unveil its latest earnings on Wednesday, October 19, 2011. Freeport-McMoRan Copper & Gold is an international company that mines copper, gold and molybdenum.

Freeport-McMoRan Copper & Gold, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of $1.21 per share, a decline of 3.2% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from $1.65. Between one and three months ago, the average estimate moved down. It also has dropped from $1.43 during the last month. For the year, analysts are projecting profit of $5.44 per share, a rise of 17.2% from last year.

Past Earnings Performance: Last quarter, the company beat estimates by 15 cents, coming in at net income of $1.49 a share versus the estimate of profit of $1.34 a share. It marked the fourth straight quarter of beating estimates.

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Wall St. Revenue Expectations: On average, analysts predict $4.92 billion in revenue this quarter, a decline of 4.5% from the year ago quarter. Analysts are forecasting total revenue of $22.1 billion for the year, a rise of 16.4% from last year’s revenue of $18.98 billion.

Analyst Ratings: Analysts are bullish on this stock with 13 analysts rating it as a buy, one rating it as a sell and one rating it as a hold.

A Look Back: In the second quarter, profit rose more than twofold to $1.37 billion ($1.43 a share) from $664 million (70 cents a share) the year earlier, exceeding analyst expectations. Revenue rose 50.5% to $5.81 billion from $3.86 billion.

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past four quarters. Over that span, the company has averaged growth of 31.8%, with the biggest boost coming in the most recent quarter when revenue rose 50.5% from the year earlier quarter.

The company has seen net income rise in three straight quarters. Net income rose 58.6% in the first quarter and 52% in the fourth quarter of the last fiscal year.

Competitors to Watch: Southern Copper Corp. (NYSE:SCCO), Rio Tinto plc (NYSE:RIO), Newmont Mining Corporation (NYSE:NEM), Taseko Mines Limited (AMEX:TGB), HudBay Minerals Inc. (NYSE:HBM), Alcoa Inc. (NYSE:AA), Western Copper Corporation (WRN), Royal Gold, Inc. (NASDAQ:RGLD), Augusta Resource Corp. (AMEX:AZC), and Vista Gold Corp. (AMEX:VGZ).

Stock Price Performance: During July 20, 2011 to October 13, 2011, the stock price had fallen $20.29 (-36.5%) from $55.53 to $35.24. The stock price saw one of its best stretches over the last year between August 22, 2011 and August 31, 2011 when shares rose for eight-straight days, rising 13.2% (+$5.47) over that span. It saw one of its worst periods between April 7, 2011 and April 18, 2011 when shares fell for eight-straight days, falling 11.5% (-$6.49) over that span. Shares are down $23.59 (-40.1%) year to date.

(Source: Xignite Financials)

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