Freeport-McMoRan’s 1Q earnings
Freeport-McMoRan (FCX) reported its 1Q15 earnings on April 23 before market opening. The results came in largely according to market expectations. On an adjusted basis, Freeport reported a loss of $0.06 per share. It incurred net charges of $2.4 billion, or $2.32 per share, primarily toward the reduction in carrying value of its energy assets.
After the earnings release, Freeport’s share price went down by ~4% in the initial trade. Its share price recovered somewhat to close at $20.07, down 2.43% from the previous day. The above chart shows FCX’s recent stock market performance.
Teck Resources (TCK), which reported its 1Q earnings on April 21, fell sharply since its coal segment was negatively hit by the slowdown in the steel industry. TCK currently forms 0.35% of the iShares North American Natural Resources ETF (IGE). Turquoise Hill Resources (TRQ) forms 0.18% of IGE.
What will we cover in this series?
Freeport-McMoRan (FCX) is a leading natural resources company. It’s among the top copper producers and also holds the position of largest molybdenum producer. Freeport also has interests in gold mining. Over the last couple of years, it has diversified into energy production. It now holds a significant portfolio of oil and natural gas assets.
In the next part, we’ll take a look at Freeport-McMoRan’s 1Q15 earnings.