Freeport-McMoran Copper & Gold Earnings: Weak Revenue Leads to Profit Decline

S&P 500 (NYSE:SPY) component Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) posted a decrease in profit as revenue declined. Freeport-McMoRan Copper & Gold 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 Freeport-McMoran Copper & Gold Inc. fell to $764 million (80 cents per share) vs. $1.5 billion ($1.57 per share) a year earlier. This is a decline of 49% from the year-earlier quarter.

Revenue: Fell 19.3% to $4.61 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Freeport-McMoran Copper & Gold Inc. fell short of the mean analyst estimate of 93 cents per share. Analysts were expecting revenue of $4.54 billion.

Key Stats:

The company’s net income has fallen for the last three quarters. In the fourth quarter of the last fiscal year, net income fell 58.7% from the year earlier, while the figure fell 10.6% in the third quarter of the last fiscal year.

After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the fourth quarter of the last fiscal year, it topped the mark by 11 cents, and in the third quarter of the last fiscal year, it was ahead by 3 cents.

Revenue has dropped in the past two quarters. In the fourth quarter of the last fiscal year, revenue declined 25.7% to $4.16 billion from the year-earlier quarter.

Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the second quarter is $1.11 per share, dropping from $1.14 a month ago. At $4.09 per share, the average estimate for the fiscal year has fallen from $4.51 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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