- Freeport-McMoRan Inc (NYSE:FCX) reported first-quarter revenue growth of 36.1% year-over-year to $6.6 billion, beating the consensus of $6.41 billion.
- Adjusted EPS improved to $1.07 from $0.51 in 1Q21, beating the consensus of $0.94.
- Average realized prices were $4.66 per pound for copper, $1,920 per ounce for gold, and $19.30 per pound for molybdenum.
- Average unit net cash costs were $1.33 per pound of copper and are expected to average $1.44 per pound of copper for 2022.
- Q1 copper sales of 1 billion pounds were higher by 24% Y/Y, primarily reflecting the ramp-up of underground mining at the Grasberg minerals district and the timing of shipments in North America.
- Gold sales of 409 thousand ounces were 59% higher Y/Y. Molybdenum sales of 19 million pounds were lower than 1Q21 sales of 21 million pounds, primarily reflecting the timing of shipments.
- FCX has acquired 26.8 million shares of its common stock for $1.1 billion at an average cost per share of $41.69 under the $3.0 billion share repurchase program.
- FCX’s operating cash flows totaled $1.7 billion for the quarter, compared to $1.07 billion a year ago.
- As of March 31, 2022, consolidated cash and equivalents totaled $8.3 billion, and net debt was $1.3 billion.
- Freeport-McMoRan expects consolidated sales volumes for 2022 to approximate 4.25 (prior view 4.3) billion pounds of copper, 1.6 million ounces of gold, and 80 million pounds of molybdenum.
- Price Action: FCX shares are trading lower by 7.78% at $46.02 on the last check Thursday.
