Mining Giant Freeport-McMoRan Awaits Quater 3 Results

October 04, 2024 02:38 PM PDT | By Team Kalkine Media
 Mining Giant Freeport-McMoRan Awaits Quater 3 Results
Image source: Shutterstock

Highlights

  • Freeport-McMoRan, a key player in the mining sector, will announce its Q3 earnings, with expectations of increased profit per share compared to the same period last year. 
  • The company has consistently exceeded earnings expectations, thanks to higher copper prices and strong sales volumes, which have driven recent revenue growth. 
  • Shares of Freeport-McMoRan have gained momentum, particularly in September, following economic stimulus measures from China aimed at boosting growth. 

Freeport-McMoRan Inc. operates in the mining sector and is one of the world's largest producers of copper, gold, and molybdenum. The Phoenix, Arizona-based company holds a strong position in the global mining industry in Metal and Mining sector with a diverse portfolio of large-scale assets located around the world. These metals play critical roles in construction, electronics, and other industrial sectors, making Freeport-McMoRan a key supplier to various markets. 

As Freeport-McMoRan Inc. (NYSE: FCX) prepares to release its Q3 earnings on October 17, market watchers expect positive results. Analysts are projecting a profit of $0.42 per share, an increase of 7.7% from the same period last year. The company has a track record of beating expectations, having surpassed Wall Street’s earnings-per-share estimates in the last four quarters. In Q2, Freeport-McMoRan posted adjusted earnings of $0.46 per share, 18% higher than expected, thanks to increased copper sales and favorable market conditions. 

Copper, a crucial metal for industries worldwide, continues to support the company’s strong earnings. Higher copper prices and growing demand, especially amid economic recovery measures in China, have contributed to Freeport-McMoRan’s success. In September, the company’s stock rose 12.7%, partially driven by China’s efforts to stimulate growth and counteract a downturn in its housing market. These factors have positioned Freeport-McMoRan to maintain strong sales and revenue growth. 

Despite these gains, Freeport-McMoRan shares have lagged behind the broader S&P 500 index, which has risen 19.5% year to date. However, the mining giant has outperformed the iShares U.S. Basic Materials ETF, delivering a 16.9% return so far in 2024, compared to the ETF’s 7% gains. With continued demand for copper and other metals, Freeport-McMoRan remains a key player in the mining sector, well-positioned for continued success as it prepares for its Q3 earnings announcement. 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.


Sponsored Articles


Investing Ideas

Previous Next