Freeport’s second-quarter earnings beat
Freeport-McMoRan (FCX), the largest US-based copper miner, released its second-quarter earnings today.
In the second quarter, Freeport managed to beat analysts’ estimates on both the top and bottom lines. The company’s second-quarter copper shipments were higher than its guidance, helping it to post better-than-expected revenue. However, the company’s gold volumes were lower than its guidance, which it attributed to the timing of shipments. Freeport rose in premarket trading on its earnings beat.
Previously, there had been apprehension about whether Freeport’s agreement with Rio Tinto and the Indonesian government was binding or not. Now, Freeport’s earnings release has specifically deemed the agreement as nonbinding.
In other news related to Freeport’s Grasberg operations, Reuters reported today that “Indonesia’s parliament has asked the government to recalculate damage to the environment from the giant Grasberg copper mine operated by the local unit of Freeport McMoRan Inc.” The report also says that the Indonesian parliament has asked the country’s environment minister to “ensure that PT FI fulfils governmental administrative penalties.”
For Freeport’s investors, Grasberg concerns are a challenge that a cent or two of impressive earnings can’t dilute. We’ll get more details about Freeport’s agreement with the Indonesian government during its earnings call today.
We’ll follow up with a detailed analysis of Freeport’s earnings soon. Keep an eye on our Basic Materials page for ongoing updates on copper miners.
Noble Energy’s (NBL) plans to release its Q2 earnings on August 3. NBL’s production guidance for 2018 is 350 Mboe/d–360 Mboe/d.
In April so far, Italian-American auto giant Fiat Chrysler Automobiles (FCAU) has outperformed the broader market by a wide margin after underperforming in the first quarter.
Royal Dutch Shell (RDS.A) is slated to release its Q1 2019 results on May 2. Before we review the Q1 2019 estimates, let’s recap Shell’s Q4 2018 performance compared to forecasts.
United Parcel Service (UPS) is scheduled to report its first-quarter earnings results on April 25.
Cleveland-Cliffs (CLF) is expected to report its first-quarter earnings results on April 25.
While the overall cannabis sector experienced weakness on April 23, some stocks managed to gain some positive momentum in the first half of the day.
After being listed on the NASDAQ (QQQ) on March 29, Lyft (LYFT) stock has traded on a negative note so far.