Freeport-McMoRan beats by $0.03, beats on revs; Raises Operating Cash Flow guidance
- Reports Q3 (Sep) earnings of $0.34 per share, $0.03 better than the Capital IQ Consensus of $0.31; revenues rose 11.2% year/year to $4.31 bln vs the $4.06 bln Capital IQ Consensus.
- Operating cash flows totaled $1.2 billion (including $45 million in working capital sources and changes in tax payments) for third-quarter 2017 and $3.0 billion (including $0.4 billion in working capital sources and changes in tax payments) for the first nine months of 2017. Based on current sales volume and cost estimates, and assuming average prices of $3.00 per pound for copper, $1,300 per ounce for gold and $8.00 per pound for molybdenum for fourth-quarter 2017, operating cash flows for the year 2017 are expected to approximate $4.3 billion (Prior guidance was $3.8 bln)
- Capital expenditures totaled $308 million (including approximately $200 million for major mining projects) for third-quarter 2017 and $1.0 billion for the first nine months of 2017 (including $0.6 billion for major mining projects). Capital expenditures for the year 2017 are expected to approximate $1.5 billion, including $0.7 billion for underground development activities in the Grasberg minerals district in Indonesia (Prior guidance was $1.6 bln).
- Consolidated sales for the year 2017 are expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold and 94 million pounds of molybdenum, including 1.0 billion pounds of copper, 625 thousand ounces of gold and 23 million pounds of molybdenum for fourth-quarter 2017.
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