Freeport-McMoRan Reports Increased Revenue Amidst Rising Copper Demand and Higher Gold Prices
- Wednesday, October 16, 2024
Freeport-McMoRan, the Phoenix-based copper and gold miner, saw an uptick in revenue thanks to the growing demand for copper and surging gold prices, offsetting lower-than-expected sales volumes of precious metals.
Strong Financial Performance
In the fourth quarter, Freeport-McMoRan recorded earnings of $388 million, or 27 cents per share, a decrease from $697 million, or 48 cents per share, in the same period the previous year. However, after adjusting for certain one-time charges, the company's adjusted earnings reached $393 million, or 27 cents per share, surpassing the average analyst target of 23 cents per share according to FactSet's survey of Wall Street analysts.
Revenue Growth
With fourth-quarter revenue climbing by 2.6% to $5.91 billion, Freeport-McMoRan exceeded the average Wall Street target of $5.85 billion as reported by FactSet.
Copper Sales Surge
Copper sales during the three-month period rose by 7% to 1.1 billion pounds, with an average price per pound of $3.81. The global shift towards electrification and sustainable energy has fueled an enormous demand for this highly conductive metal.
Impressive Gold Sales
Gold sales demonstrated significant growth, increasing by 20% to 549,000 ounces at an average price of $2,034 per ounce. However, sales volume fell 5% short of the October estimate due to an export-license issue at Freeport-McMoRan's immense Indonesian mine. The issue has since been resolved.
All Rights Reserved © 2024
Post a comment