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Freeport-McMoRan Reports Second-Quarter and Six-Month 2019 Results

Mittwoch, 24.07.19 14:00
Freeport-McMoRan Reports Second-Quarter and Six-Month 2019 Results
Bildquelle: iStock by Getty Images
PHOENIX –

Freeport-McMoRan Inc. (NYSE: FCX):

  • Net loss attributable to common stock totaled $72 million, $0.05 per share, in second-quarter 2019. After adjusting for net charges of $14 million, $0.01 per share, second-quarter 2019 adjusted net loss attributable to common stock totaled $58 million, $0.04 per share.
  • Consolidated sales totaled 807 million pounds of copper, 189 thousand ounces of gold and 24 million pounds of molybdenum in second-quarter 2019.
  • Consolidated sales for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019.
  • Several positive milestones were achieved during second-quarter 2019 related to the underground production ramp-up in the Grasberg minerals district, which is expected to produce large-scale quantities of copper and gold in future years.
  • Average realized prices in second-quarter 2019 were $2.75 per pound for copper, $1,351 per ounce for gold and $13.15 per pound for molybdenum.
  • Average unit net cash costs in second-quarter 2019 were $1.92 per pound of copper and are expected to approximate $1.75 per pound of copper for the year 2019.
  • Operating cash flows totaled $554 million (including $308 million of working capital sources and timing of other tax payments) in second-quarter 2019 and $1.1 billion (including $281 million of working capital sources and timing of other tax payments) for the first six months of 2019. Based on current sales volume and cost estimates, and assuming average prices of $2.75 per pound for copper, $1,400 per ounce for gold and $12.00 per pound for molybdenum for the second half of 2019, operating cash flows are expected to approximate $1.9 billion (including $0.3 billion of working capital sources and timing of other tax payments) for the year 2019.
  • Capital expenditures totaled $0.6 billion (including approximately $0.4 billion for major mining projects) in second-quarter 2019 and $1.25 billion (including approximately $0.7 billion for major mining projects) for the first six months of 2019. Capital expenditures for the year 2019 are expected to approximate $2.6 billion, including $1.6 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and development of the Lone Star copper leach project in Arizona.
  • At June 30, 2019, consolidated debt totaled $9.9 billion and consolidated cash totaled $2.6 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at June 30, 2019.
  • On June 26, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which will be paid on August 1, 2019.

Freeport-McMoRan Inc. (NYSE: FCX) reported net losses attributable to common stock of $72 million ($0.05 per share) in second-quarter 2019 and $41 million ($0.03 per share) for the first six months of 2019. After adjusting for net charges of $14 million ($0.01 per share), adjusted net loss attributable to common stock totaled $58 million ($0.04 per share) in second-quarter 2019. For additional information, refer to the supplemental schedule, "Adjusted Net (Loss) Income," on page VII, which is available on FCX's website, "fcx.com."

Richard C. Adkerson, President and Chief Executive Officer, said, "We are pleased to report that execution of the underground ramp-up at Grasberg is advancing according to plan and recent milestones are encouraging as we target increasing volumes and cash flows from the Grasberg minerals district. We are also progressing our Lone Star copper leach project in Arizona and remain optimistic about the long-term opportunities for this large resource. We are focused on enhancing value for shareholders through our well-defined strategy of maximizing the value of our existing resource base through rigorous cost management, productivity and technology, successful execution of the underground ramp-up at Grasberg, generating cash flows to increase shareholder returns and creating value organically from our large undeveloped resource position in a disciplined manner.”


SUMMARY FINANCIAL DATA

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

(in millions, except per share amounts)

 

Revenuesa,b

$

3,546

 

 

$

5,168

 

 

$

7,338

 

 

$

10,036

 

 

Operating incomea

$

33

 

 

$

1,664

 

 

$

354

 

 

$

3,123

 

 

Net (loss) income from continuing operations

$

(74

)

 

$

1,039

 

 

$

1

 

 

$

1,867

 

 

Net (loss) income attributable to common stockc,d

$

(72

)

 

$

869

 

 

$

(41

)

 

$

1,561

 

 

Diluted net (loss) income per share of common stock:

 

 

 

 

 

 

 

 

Continuing operations

$

(0.05

)

 

$

0.59

 

 

$

(0.03

)

 

$

1.08

 

 

Discontinued operations

 

 

 

 

 

 

(0.01

)

 

 

$

(0.05

)

 

$

0.59

 

 

$

(0.03

)

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average common shares outstanding

1,451

 

 

1,458

 

 

1,451

 

 

1,458

 

 

Operating cash flowse

$

554

 

 

$

1,309

 

 

$

1,088

 

 

$

2,678

 

 

Capital expenditures

$

629

 

 

$

482

 

 

$

1,251

 

 

$

884

 

 

At June 30:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,623

 

 

$

3,894

 

 

$

2,623

 

 

$

3,894

 

 

Total debt, including current portion

$

9,916

 

 

$

11,277

 

 

$

9,916

 

 

$

11,277

 

 

 

 

 

 

 

 

 

 

 

a. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page X, which are available on FCX's website, "fcx.com."
b. Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(83) million ($(35) million to net loss attributable to common stock or $(0.02) per share) in second-quarter 2019
, $23 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2018, $58 million ($23 million to net loss attributable to common stock or $0.02 per share) for the first six months of 2019 and $(70) million ($(31) million to net income attributable to common stock or $(0.02) per share) for the first six months of 2018. For further discussion, refer to the supplemental schedule, "Derivative Instruments," on page IX, which is available on FCX's website, "fcx.com."
c. Includes net (charges) gains of $(14) million ($(0.01) per share) in second-quarter 2019, $16 million ($0.01 per share) in second-quarter 2018, $(50) million ($(0.03) per share) for the first six months of 2019 and $27 million ($0.02 per share) for the first six months of 2018 that are described in the supplemental schedule, "Adjusted Net (Loss) Income," on page VII, which is available on FCX's website, "fcx.com."
d. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page IX, which is available on FCX's website, "fcx.com."
e. Net of working capital sources (uses) and timing of other tax payments of $308 million in second-quarter 2019
, $(192) million in second-quarter 2018, $281 million for the first six months of 2019 and $(213) million for the first six months of 2018.


SUMMARY OPERATING DATA

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Copper (millions of recoverable pounds)

 

 

 

 

 

 

 

 

 

Production

 

776

 

 

1,014

 

 

1,556

 

 

1,966

 

 

Sales, excluding purchases

 

807

 

 

989

 

 

1,591

 

 

1,982

 

 

Average realized price per pound

 

$

2.75

 

 

$

3.08

 

 

$

2.78

 

 

$

3.10

 

 

Site production and delivery costs per pounda

 

$

2.26

 

 

$

1.69

 

 

$

2.21

 

 

$

1.68

 

 

Unit net cash costs per pounda

 

$

1.92

 

 

$

0.96

 

 

$

1.85

 

 

$

0.97

 

 

Gold (thousands of recoverable ounces)

 

 

 

 

 

 

 

 

 

Production

 

160

 

 

746

 

 

326

 

 

1,345

 

 

Sales, excluding purchases

 

189

 

 

676

 

 

431

 

 

1,286

 

 

Average realized price per ounce

 

$

1,351

 

 

$

1,274

 

 

$

1,315

 

 

$

1,291

 

 

Molybdenum (millions of recoverable pounds)

 

 

 

 

 

 

 

 

 

Production

 

25

 

 

24

 

 

48

 

 

46

 

 

Sales, excluding purchases

 

24

 

 

24

 

 

46

 

 

48

 

 

Average realized price per pound

 

$

13.15

 

 

$

12.89

 

 

$

12.93

 

 

$

12.42

 

 

a. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIII, which are available on FCX's website, "fcx.com."

Consolidated Sales Volumes

Second-quarter 2019 copper sales of 807 million pounds were in line with the April 2019 estimate of 800 million pounds, with higher copper volumes from North America and South America offsetting lower copper volumes from PT Freeport Indonesia (PT-FI). Mine sequencing changes in the Grasberg open pit resulted in lower second-quarter 2019 gold sales of 189 thousand ounces, compared with the April 2019 estimate of 265 thousand ounces of gold. During second-quarter 2019, PT-FI opened an additional area to extend mining in the Grasberg open pit into third-quarter 2019 and potentially longer. The mine sequencing changes in the open pit delayed access to the high-grade material previously expected to be produced during second-quarter 2019.

Second-quarter 2019 copper and gold sales were lower than second-quarter 2018 sales primarily reflecting anticipated lower mill rates and ore grades as PT-FI transitions mining from the open pit to underground.

Second-quarter 2019 molybdenum sales of 24 million pounds approximated the April 2019 estimate of 25 million pounds and second-quarter 2018 sales of 24 million pounds.

Consolidated sales volumes for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019. As PT-FI transitions mining from the open pit to underground, metal production is expected to improve by 2021.

Consolidated Unit Costs

Consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines were $1.92 per pound of copper in second-quarter 2019. As anticipated, average unit net cash costs were higher than the second-quarter 2018 average of $0.96 per pound, primarily reflecting lower sales volumes as PT-FI transitions mining from the open pit to underground. Unit net cash costs were 15 percent higher than the April 2019 estimate because of production deferrals in the Grasberg open pit.

Assuming average prices of $1,400 per ounce of gold and $12.00 per pound of molybdenum for the second half of 2019 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for copper mines are expected to average $1.75 per pound of copper for the year 2019, (including $1.67 per pound of copper for the second half of 2019). The impact of price changes on consolidated unit net cash costs for the year 2019 would approximate $0.01 per pound for each $50 per ounce change in the average price of gold and $0.015 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2019. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. FCX expects consolidated unit net cash costs to decline by 2021 following a ramp-up period at PT-FI.

MINING OPERATIONS

North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of FCX's North America copper mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72 percent undivided joint venture interest in Morenci using the proportionate consolidation method.

Operating and Development Activities. FCX has significant undeveloped reserves and resources in North America and a portfolio of potential long-term development projects. Future investments will be undertaken based on the results of economic and technical feasibility studies, and are dependent on market conditions. FCX continues to pursue projects to enhance productivity through innovative technologies and to study opportunities to reduce the capital intensity of its potential long-term development projects.

Through exploration drilling, FCX has identified a significant resource at its wholly owned Lone Star project located near the Safford operation in eastern Arizona. An initial project to develop the Lone Star leachable ores commenced in 2018, with first production expected by the end of 2020. Initial production from the Lone Star leachable ores is expected to average approximately 200 million pounds of copper per year, with the potential for future expansion options. Total capital costs for the initial project, including mine equipment and pre-production stripping, are expected to approximate $850 million and will benefit from the utilization of existing infrastructure at the adjacent Safford operation. As of June 30, 2019, approximately $480 million has been incurred for this project. The project also advances exposure to a significant sulfide resource. FCX expects to incorporate recent positive drilling and ongoing results in its future development plans.

Operating Data. Following is summary consolidated operating data for the North America copper mines:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Copper (millions of recoverable pounds)

 

 

 

 

 

 

 

 

 

Production

 

370

 

 

354

 

 

706

 

 

702

 

 

Sales, excluding purchases

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