Freeport-McMoRan Full Year 2024 Earnings: EPS Misses Expectations

Freeport-McMoRan (NYSE:FCX) Full Year 2024 Results

Key Financial Results

• Revenue: US$25.5b (up 11% from FY 2023).
• Net income: US$1.89b (up 2.6% from FY 2023).
• Profit margin: 7.4% (down from 8.1% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: US$1.31 (up from US$1.29 in FY 2023).

FCX Production and Reserves

Copper

• Production: 1.247 Mt (1.269 Mt in FY 2023)
• Number of mines: 11 (11 in FY 2023)

Gold

• Production: 927 troy koz (1,041 troy koz in FY 2023)

Molybdenum

• Production: 32,205 t (32,659 t in FY 2023)

All figures shown in the chart above are for the trailing 12 month (TTM) period

Freeport-McMoRan EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%.

The primary driver behind last 12 months revenue was the Indonesia Operations segment contributing a total revenue of US$10.3b (41% of total revenue). Notably, cost of sales worth US$15.5b amounted to 61% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$4.98b were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how FCX's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Metals and Mining industry in the US.

Performance of the American Metals and Mining industry.

The company's shares are down 8.8% from a week ago.

Risk Analysis

You still need to take note of risks, for example - Freeport-McMoRan has 1 warning sign we think you should be aware of.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.