NEW YORK, September 14, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on
Freeport-McMoRan Inc. (NYSE: FCX). Select highlights from
the internally released reports are being made available to the
general public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=FCX
Highlights from our FCX Report include:
- Second Quarter and First Half
Results - On July 23, 2015,
Freeport-McMoRan Inc. announced its financial results for the
second quarter and first half of 2015. For the second quarter, the
Company reported revenues of $4.25
billion as against $5.52
billion reported in the previous year quarter. Revenues for
the six month period came in at $8.4
billion vis-à-vis revenues of $10.51
billion in H1 FY14. Net loss for the quarter amounted to
$1.85 billion or $1.78 per diluted share during Q2 FY15, as
compared to a net income of $0.48
billion or $0.46 per diluted
share in Q2 FY14. For the first half, the Company recorded a net
loss amounting to $4.32 billion or
$4.16 per diluted share vis-à-vis
earnings of $0.99 billion or
$0.95 per diluted share for the first
six months of 2014.
- Operating Performance - The Company produced 977
million pounds of Copper during Q2 FY15 and sold (excluding
purchases) 964 million pounds, realizing an average price of
$2.71 per pound. This compares with
Q2 FY14 production of 931 million pounds and sales (excluding
purchases) of 968 million pounds and an average realization price
of $3.16 per pound. Freeport produced 367 thousand ounces of gold
during the quarter and sold (excluding purchases) 352 thousand
ounces, realizing an average price of $1,174 per ounce. In the corresponding quarter in
2014, the Company had produced 166 thousand ounces selling (without
purchases) 159 thousand ounces at an average realized price of
$1,296 per ounce. Molybdenum
production for the quarter stood at 25 million pounds with sales
(excluding purchases) of 23 million pounds at an average realized
price per pound of $9.51. In Q2 FY14,
the production stood at 25 million pounds and sales (excluding
purchases) were also 25 million pounds at an average realized price
of $13.43 per pound.
- Outlook - For the full-year 2015, the Company expects
consolidated sales to approximate 4.2 billion pounds of copper, 1.3
million ounces of gold, 93 million pounds of molybdenum and 52.3
million barrels of oil equivalents (MMBOE), including 1.0 billion
pounds of copper, 315 thousand ounces of gold, 24 million pounds of
molybdenum and 13.6 MMBOE for third-quarter 2015.
To find out how this influences our rating on Freeport-McMoRan
Inc. read the full report in its entirety here:
http://www.aciassociation.com/reports?keyword=FCX
--
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