Freeport-McMoRan misses by $0.03, reports revs in-line; raises operating cash flows guidance to ~$2.3 bln for the year 2019, up from $1.8 bln (13.58)
- Reports Q1 (Mar) earnings of $0.05 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.08; revenues fell 22.1% year/year to $3.79 bln vs the $3.77 bln S&P Capital IQ Consensus
- First-quarter 2019 copper sales of 784 million pounds and gold sales of 242 thousand ounces were approximately five percent lower than January 2019 sales estimates of 825 million pounds of copper and 255 thousand ounces of gold, reflecting impacts from weather events at El Abra, unscheduled maintenance in North America and timing of shipments in Indonesia
- Freeport-McMoRan rasises operating cash flows guidance to expected to approximate $2.3 billion for the year 2019, up from $1.8 bln
- Capital expenditures are expected to approximate $2.5 billion for the year 2019, including $1.5 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district and development of the Lone Star project, and exclude estimates associated with the new smelter in Indonesia