Freeport-McMoRan Second Quarter 2024 Earnings: Beats Expectations

Freeport-McMoRan (NYSE:FCX) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$6.62b (up 16% from 2Q 2023).
• Net income: US$616.0m (up 80% from 2Q 2023).
• Profit margin: 9.3% (up from 6.0% in 2Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$0.43 (up from US$0.24 in 2Q 2023).

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

Freeport-McMoRan Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%.

Looking ahead, revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.5% 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 8.9% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 1 warning sign for Freeport-McMoRan that you should be aware of.

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