Freeport-McMoRan Copper & Gold Earnings: Golden Breakout

S&P 500 (NYSE:SPY) component Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) reported net income above Wall Street’s expectations for the first quarter. Freeport-McMoRan Copper & Gold Inc. is an international company that mines copper, gold and molybdenum.

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Freeport-McMoran Copper & Gold Earnings Cheat Sheet for the First Quarter

Results: Net income for the copper company rose to $1.86 billion ($1.57/share) vs. $945 million ($1/share) YoY. A rise of 96.9% from the year earlier quarter.

Revenue: Rose 30.9% to $5.71 billion YoY.

Actual vs. Wall St. Expectations: FCX beat the mean analyst estimate of $1.24/share. Estimates ranged from $1.11 per share to $1.44 per share.

Quoting Management: James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer, said, “Our strong first-quarter results reflect solid execution by our global operating teams and continuation of favorable pricing for our principal commodities – copper, gold and molybdenum. We are focused on continuing the successful execution of our operating plans and on developing our highly attractive projects for future growth. We are well placed for future success with an attractive resource position, strong technical and project management capabilities and the financial resources required for investment. We are also pleased to have significant cash flows to enable investment in growth projects while providing increased cash returns to shareholders.”

Key Stats:

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 52% and in the third quarter of the last fiscal year, the figure rose 20.3%.

From the fourth quarter of the last fiscal year, the company’s current liabilities rose to $4.75 billion from $3.76 billion.

Over the last five quarters, revenue has increased 29.9% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 67.7% from the year earlier quarter.

Competitors to Watch: Newmont Mining Corp. (NYSE:NEM), Rio Tinto (NYSE:RIO), Southern Copper Corp. (NYSE:SCCO), Taseko Mines Limited (AMEX:TGB), HudBay Minerals Inc. (TSE:HBM), and Royal Gold, Inc. (NASDAQ:RGLD).

Today’s Performance: Shares of FCX are up over 4% in pre-market trading.

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