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Freeport-McMoRan Reports Third-Quarter and Nine-Month 2019 Results

Mittwoch, 23.10.19 14:00
Freeport-McMoRan Reports Third-Quarter and Nine-Month 2019 Results
Bildquelle: iStock by Getty Images
PHOENIX –

Freeport-McMoRan Inc. (NYSE: FCX):

  • Net loss attributable to common stock totaled $131 million, $0.09 per share, in third-quarter 2019. After adjusting for net charges of $123 million, $0.08 per share, third-quarter 2019 adjusted net loss attributable to common stock totaled $8 million, $0.01 per share.
  • Consolidated sales totaled 795 million pounds of copper, 243 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2019. Consolidated production totaled 864 million pounds of copper and 333 thousand ounces of gold in third-quarter 2019.
  • Full year consolidated sales guidance is similar to prior estimates, with consolidated sales expected to approximate 3.3 billion pounds of copper, 874 thousand ounces of gold and 92 million pounds of molybdenum for the year 2019, including 870 million pounds of copper, 200 thousand ounces of gold and 24 million pounds of molybdenum in fourth-quarter 2019.
  • Average realized prices in third-quarter 2019 were $2.62 per pound for copper, $1,487 per ounce for gold and $12.89 per pound for molybdenum.
  • Average unit net cash costs in third-quarter 2019 were $1.59 per pound of copper and are expected to approximate $1.76 per pound of copper for the year 2019.
  • Operating cash flows totaled $224 million (net of $146 million of working capital uses and timing of other tax payments) in third-quarter 2019 and $1.3 billion (including $135 million of working capital sources and timing of other tax payments) for the first nine months of 2019. Based on current sales volume and cost estimates, and assuming average prices of $2.60 per pound for copper, $1,500 per ounce for gold and $12.00 per pound for molybdenum for fourth-quarter 2019, operating cash flows are expected to approximate $1.6 billion (including $0.2 billion of working capital sources and timing of other tax payments) for the year 2019.
  • Capital expenditures totaled $0.7 billion (including approximately $0.3 billion for major mining projects) in third-quarter 2019 and $1.9 billion (including approximately $1.1 billion for major mining projects) for the first nine 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.
  • The Grasberg underground and Lone Star copper leach development projects are progressing according to plan.
  • At September 30, 2019, consolidated debt totaled $9.9 billion and consolidated cash totaled $2.2 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at September 30, 2019.
  • On September 25, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which will be paid on November 1, 2019.

Freeport-McMoRan Inc. (NYSE: FCX) reported net losses attributable to common stock of $131 million ($0.09 per share) in third-quarter 2019 and $172 million ($0.12 per share) for the first nine months of 2019. After adjusting for net charges of $123 million ($0.08 per share), adjusted net loss attributable to common stock totaled $8 million ($0.01 per share) in third-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, "Our global team has established strong momentum on our three major initiatives to build value for shareholders. We are effectively executing our plans to establish large-scale production from our significant high-grade, low-cost and long-lived underground ore bodies at Grasberg; advance the Lone Star project in Arizona as a new cornerstone asset in the U.S.; and progress our innovation initiatives to enhance productivity and grow our Americas operations with low capital intensity. These initiatives are expected to significantly enhance our cost position, cash flow and the long-term value of our premier copper portfolio, providing opportunities for increased returns to shareholders. We are pleased with our progress to date and remain focused on successful execution of our plans, which would enable us to increase copper production by 30 percent, gold production by 70 percent, reduce unit net cash costs by 25 percent and more than double operating cash flows in 2021 from 2019 levels.”

SUMMARY FINANCIAL DATA

   
   

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

 

 

(in millions, except per share amounts)

 

Revenuesa,b

 

$

3,308

 

 

$

4,908

 

 

$

10,646

 

 

$

14,944

 

 

Operating incomea

 

$

117

 

 

$

1,315

 

 

$

471

 

 

$

4,438

 

 

Net (loss) income from continuing operations

 

$

(139

)

 

$

668

 

 

$

(138

)

 

$

2,535

 

 

Net (loss) income attributable to common stockc,d

 

$

(131

)

 

$

556

 

 

$

(172

)

 

$

2,117

 

 

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

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.09

)

 

$

0.38

 

 

$

(0.12

)

 

$

1.46

 

 

Discontinued operations

 

 

 

 

 

 

 

(0.01

)

 

 

 

$

(0.09

)

 

$

0.38

 

 

$

(0.12

)

 

$

1.45

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average common shares outstanding

 

1,452

 

 

1,458

 

 

1,451

 

 

1,458

 

 

Operating cash flowse

 

$

224

 

 

$

1,247

 

 

$

1,312

 

 

$

3,925

 

 

Capital expenditures

 

$

666

 

 

$

507

 

 

$

1,917

 

 

$

1,391

 

 

At September 30:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,247

 

 

$

4,580

 

 

$

2,247

 

 

$

4,580

 

 

Total debt, including current portion

 

$

9,919

 

 

$

11,287

 

 

$

9,919

 

 

$

11,287

 

 

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 $(42) million ($(17) million to net loss attributable to common stock or $(0.01) per share) in third-quarter 2019, $(111) million ($(48) million to net income attributable to common stock or $(0.03) per share) in third-quarter 2018, $58 million ($23 million to net loss attributable to common stock or $0.02 per share) for the first nine months of 2019 and $(70) million ($(31) million to net income attributable to common stock or $(0.02) per share) for the first nine 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 $(123) million ($(0.08) per share) in third-quarter 2019, $42 million ($0.03 per share) in third-quarter 2018, $(173) million ($(0.12) per share) for the first nine months of 2019 and $69 million ($0.04 per share) for the first nine 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 (uses) sources and timing of other tax payments of $(146) million in third-quarter 2019, $59 million in third-quarter 2018, $135 million for the first nine months of 2019 and $(154) million for the first nine months of 2018.

 

SUMMARY OPERATING DATA

 
 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Copper (millions of recoverable pounds)

 

 

 

 

 

 

 

 

 

Production

 

864

 

 

1,006

 

 

2,420

 

 

2,972

 

 

Sales, excluding purchases

 

795

 

 

1,044

 

 

2,386

 

 

3,026

 

 

Average realized price per pound

 

$

2.62

 

 

$

2.80

 

 

$

2.71

 

 

$

2.96

 

 

Site production and delivery costs per pounda

 

$

2.05

 

 

$

1.73

b

$

2.16

 

 

$

1.70

b

Unit net cash costs per pounda

 

$

1.59

 

 

$

0.93

b

$

1.76

 

 

$

0.95

b

Gold (thousands of recoverable ounces)

 

 

 

 

 

 

 

 

 

Production

 

333

 

 

760

 

 

659

 

 

2,105

 

 

Sales, excluding purchases

 

243

 

 

837

 

 

674

 

 

2,123

 

 

Average realized price per ounce

 

$

1,487

 

 

$

1,191

 

 

$

1,380

 

 

$

1,249

 

 

Molybdenum (millions of recoverable pounds)

 

 

 

 

 

 

 

 

 

Production

 

21

 

 

23

 

 

69

 

 

69

 

 

Sales, excluding purchases

 

22

 

 

22

 

 

68

 

 

70

 

 

Average realized price per pound

 

$

12.89

 

 

$

12.40

 

 

$

12.92

 

 

$

12.41

 

 

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."

b.

Includes charges totaling $0.07 per pound of copper in third-quarter 2018 and $0.02 per pound of copper for the first nine months of 2018 associated with for Cerro Verde's three-year collective labor agreement (CLA). Refer to the supplemental schedule, "Adjusted Net (Loss) Income," on page VII, which is available on FCX's website, "fcx.com," for additional information.

Consolidated Sales Volumes

Third-quarter 2019 copper sales of 795 million pounds were four percent lower than the July 2019 estimate of 830 million pounds of copper, primarily because of lower production from Cerro Verde and timing of shipments, partly offset by higher production and sales from North America. Third-quarter 2019 gold sales of 243 thousand ounces were six percent higher than the July 2019 estimate of 230 thousand ounces of gold.

Third-quarter 2019 copper and gold sales were lower than third-quarter 2018 sales primarily reflecting anticipated lower mill rates and ore grades as PT Freeport Indonesia (PT-FI) transitions mining from the open pit to underground. Third-quarter 2019 copper sales were also lower in South America, reflecting the timing of shipments and lower grades and recovery rates at Cerro Verde, offset by higher copper sales in North America, primarily related to higher mining and milling rates.

Third-quarter 2019 molybdenum sales of 22 million pounds were lower than the July 2019 estimate of 25 million pounds and approximated third-quarter 2018 sales of 22 million pounds.

Consolidated sales volumes for the year 2019 are expected to approximate 3.3 billion pounds of copper, 874 thousand ounces of gold and 92 million pounds of molybdenum, including 870 million pounds of copper, 200 thousand ounces of gold and 24 million pounds of molybdenum in fourth-quarter 2019. As PT-FI transitions mining from the open pit to underground, metal production is currently expected to improve significantly by 2021.

Consolidated Unit Net Cash Costs

Consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.59 per pound of copper in third-quarter 2019, were slightly improved from the July 2019 estimate of $1.63 per pound. As anticipated, consolidated average unit net cash costs were higher than the third-quarter 2018 average of $0.93 per pound, primarily reflecting lower sales volumes as PT-FI transitions mining from the open pit to underground.

Assuming average prices of $1,500 per ounce of gold and $12.00 per pound of molybdenum for fourth-quarter 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 $1.76 per pound of copper for the year 2019, (including $1.76 per pound of copper in fourth-quarter 2019). The impact of price changes during fourth-quarter 2019 on consolidated unit net cash costs for the year 2019 would approximate $0.005 per pound for each $50 per ounce change in the average price of gold and $0.005 per pound for each $2 per pound change in the average price of molybdenum. Quarterly unit net ca

Quelle: Business Wire



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