FREEPORT-MCMORAN INC Reports Q2 FY2023 Earnings Results on July 20, 2023

🌥️Earnings Overview

FREEPORT-MCMORAN INC ($NYSE:FCX) reported their Q2 FY2023 earnings results on July 20 2023, for the period ending June 30 2023. Total revenue for the company totaled USD 5737.0 million, indicating a 5.9% increase compared to the same period in the prior year; net income, however, dropped by 59.2%, amounting to USD 343.0 million.

Share Price

The stock opened at $41.8 and closed at $41.9, bringing the stock price up by 3.0% from its previous closing price of $40.7. Overall, FREEPORT-MCMORAN INC showed solid growth and stability in their financial performance over the past year. Investors were pleased with the results and kept the stock price stable throughout the day. It is expected that the company will continue to perform well in the coming quarters and years to come. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Freeport-mcmoran Inc. More…

Cash Flow Snapshot

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Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Freeport-mcmoran Inc. More…

Key Ratios Snapshot

Some of the financial key ratios for Freeport-mcmoran Inc are shown below. More…

Analysis

GoodWhale recently conducted a wellbeing analysis of FREEPORT-MCMORAN INC, a mining company. Our Star Chart gave the company a health score of 8/10 based on its cashflows and debt, which indicates that the company is well-equipped to ride out any potential crisis without risk of bankruptcy. We classified FREEPORT-MCMORAN INC as a “rhino” type company, concluded to have achieved moderate revenue or earnings growth. This makes it an attractive option for investors seeking a stable return on their investment. Furthermore, FREEPORT-MCMORAN INC is strong in dividend, medium in asset, profitability and weak in growth. Therefore, investors looking for steady returns and minimal risk may be interested in this company. More…

Peers

Freeport-McMoRan Inc is one of the world’s leading producers of copper, gold, and molybdenum. The company has a strong competitive position in its industry, with a diversified portfolio of assets and operations in the Americas, including the United States, Chile, Peru, and Indonesia. Freeport-McMoRan’s competitors include First Quantum Minerals Ltd, MMG Ltd, and Southern Copper Corp.

– First Quantum Minerals Ltd ($TSX:FM)

First Quantum Minerals Ltd is a Canadian mining company with a focus on copper production. The company has a market cap of 16.58B as of 2022 and a return on equity of 17.53%. First Quantum Minerals is one of the world’s leading copper producers, with operations in Africa, Australia, and South America. The company has a strong commitment to sustainable development and aims to create long-term value for shareholders, employees, and the communities in which it operates.

– MMG Ltd ($SEHK:01208)

MMG Ltd is a mining company that operates in Australia, China, and Myanmar. The company has a market capitalization of 16.42 billion as of 2022 and a return on equity of 33.53%. MMG Ltd is engaged in the exploration, development, mining, and sale of zinc, copper, lead, silver, and gold deposits. The company’s operations are primarily located in Australia, China, and Myanmar.

– Southern Copper Corp ($NYSE:SCCO)

Southern Copper Corp is a leading copper producer with operations in Peru and Mexico. The company has a market cap of 36.36B as of 2022 and a Return on Equity of 42.22%. Southern Copper Corp is a leading copper producer with operations in Peru and Mexico. The company has a market cap of 36.36B as of 2022 and a Return on Equity of 42.22%. Southern Copper Corp is a leading copper producer with operations in Peru and Mexico. The company has a market cap of 36.36B as of 2022 and a Return on Equity of 42.22%.

Summary

FREEPORT-MCMORAN INC reported its second quarter earnings for FY2023, ending June 30 2023, on July 20 2023. Total revenue increased 5.9% year over year to USD 5737.0 million, however net income dropped 59.2% to USD 343.0 million. The stock price moved up following the earnings announcement, likely due to the increase in revenue and investors being impressed with the company’s ability to contain costs during the pandemic. Investors should keep in mind that net income saw a large drop year over year and look for the company’s outlook and further guidance when considering investing in the company.