Freeport-McMoRan beats by $0.09, beats on revs
Reports Q1 (Mar) earnings of $0.49 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 8.8% year/year to $4.99 bln vs the $4.93 bln consensus.
- First-quarter 2014 consolidated copper sales of 871 million pounds were lower than first-quarter 2013 sales of 954 million pounds and the January 2014 estimate of 1.0 billion pounds.
- First-quarter 2014 consolidated gold sales of 187 thousand ounces were lower than first-quarter 2013 sales of 214 thousand ounces and the January 2014 estimate of 325 thousand ounces.
- Lower copper and gold sales volumes primarily reflected lower volumes from PT-FI because of the post-January 12, 2014, restrictions on concentrate exports from Indonesia, which resulted in a deferral of approximately 125 million pounds of copper and 140 thousand ounces of gold in first-quarter 2014.
- Consolidated sales for first-quarter 2014 totaled 871 million pounds of copper, 187 thousand ounces of gold, 27 million pounds of molybdenum and 16.1 million barrels of oil equivalents (MMBOE), compared with 954 million pounds of copper, 214 thousand ounces of gold and 25 million pounds of molybdenum for first-quarter 2013.
- Guidance: Consolidated sales for the year 2014 are expected to approximate 4.3 billion pounds of copper, 1.6 million ounces of gold, 97 million pounds of molybdenum and 64.2 MMBOE, including 1.1 billion pounds of copper, 320 thousand ounces of gold, 24 million pounds of molybdenum and 15.2 MMBOE for second-quarter 2014.