Freeport-McMoRan Copper & Gold
The 10-second takeaway
For the quarter ended March 31 (Q1), Freeport-McMoRan Copper & Gold beat slightly on revenue and beat expectations on earnings per share.
Compared to the prior-year quarter, both revenue and GAAP earnings per share contracted significantly.
Margins dropped across the board.
Freeport-McMoRan Copper & Gold logged revenue of $4.61 billion. The 12 analysts polled by S&P Capital IQ looked for a top line of $4.55 billion on the same basis. GAAP reported sales were 19% lower than the prior-year quarter's $5.71 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
Non-GAAP EPS came in at $0.96. The 15 earnings estimates compiled by S&P Capital IQ predicted $0.85 per share on the same basis. GAAP EPS of $0.80 for Q1 were 49% lower than the prior-year quarter's $1.57 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 47.3%, 1,110 basis points worse than the prior-year quarter. Operating margin was 37.9%, 1,350 basis points worse than the prior-year quarter. Net margin was 16.6%, 970 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $4.8 billion. On the bottom line, the average EPS estimate is $0.96.
Next year's average estimate for revenue is $20.23 billion. The average EPS estimate is $4.14.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 5,710 members rating the stock outperform and 197 members rating it underperform. Among 1,236 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,200 give Freeport-McMoRan Copper & Gold a green thumbs-up, and 36 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Freeport-McMoRan Copper & Gold is outperform, with an average price target of $52.85.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.