Freeport-McMoRan Set to Reveal Q4 Earnings Amid Mixed Performance
Freeport-McMoRan Inc. (FCX), located in Phoenix, Arizona, aims to be the top player in the copper market as a major international metals company. With a market capitalization of $54.7 billion, the firm is involved in mining various metals, including copper, gold, molybdenum, and silver. FCX plans to release its fiscal fourth-quarter earnings for 2024 on Wednesday, January 22.
Analysts Project Strong Growth in Q4
Leading up to the earnings announcement, analysts predict that FCX will report a profit of $0.38 per share, reflecting a remarkable 40.7% increase from $0.27 per share during the same quarter last year. The company has exceeded consensus estimates in three out of the last four quarters, although there was one instance where it fell short.
Yearly Expectations and Future Outlook
For the entire fiscal year, analysts anticipate an EPS of $1.49 for FCX, a slight decrease of 3.3% from $1.54 in fiscal 2023. However, they expect a recovery, with EPS projected to rise significantly by 37.6% to $2.05 in fiscal 2025.
Stock Performance Compared to the Market
FCX’s stock has struggled over the past year, underperforming against the S&P 500 ($SPX), which saw a gain of 23.7%. In contrast, FCX’s shares have decreased by 10% during the same period. The Materials Select Sector SPDR Fund (XLB) also posted a minor loss of 2.6% within that timeframe.
Recent Earnings and Analyst Sentiment
On October 22, FCX shares rose by more than 1% following the release of its Q3 results. The adjusted EPS came in at $0.38, slightly below Wall Street’s expectation of $0.40. Despite missing the EPS target, the company’s revenue of $6.8 billion surpassed the anticipated $6.5 billion.
Currently, analysts maintain a moderately positive view on FCX stock, offering a “Moderate Buy” rating overall. Out of 18 analysts monitoring the stock, 10 recommend a “Strong Buy,” two suggest a “Moderate Buy,” and six have rated it as a “Hold.” The average price target set by analysts is $55.29, indicating a potential upside of 46% from current prices.
On the date of publication, Neha Panjwani did not hold any positions, either directly or indirectly, in the securities mentioned in this article. All information and data are for informational purposes only. More details can be found in the Barchart Disclosure Policy.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
