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Freeport-McMoRan’s 4Q17 Earnings: What You Need to Know

Mohit Oberoi, CFA - Author

Jan. 26 2018, Updated 1:49 p.m. ET

Freeport-McMoRan’s 4Q17 earnings

Freeport-McMoRan (FCX) reported its 4Q17 earnings on January 25, 2018. The company reported an adjusted net income of $750 million, which translates into an adjusted EPS (earnings per share) of $0.51. Freeport posted an adjusted EPS of $0.34 in 3Q17 and $0.25 in 4Q16.

Freeport’s 4Q17 earnings were better than expected. In 4Q17, Freeport managed to beat consensus earnings estimates for the second straight quarter. Before 3Q17, Freeport missed consensus earnings estimates for four consecutive quarters. Freeport’s 4Q17 earnings were received well by the markets. Freeport-McMoRan stock closed with gains of 1.1% on January 25.

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One-time gains

Between 2014 and 2016, Freeport’s earnings were marked with one-time losses largely due to the markdown of its energy assets (XME). In 4Q17, the company recorded a one-time gain of $291 million primarily due to tax benefits from the recently passed tax bill in the US.

Series overview

Now, we’re into the 4Q17 earnings season. BHP Billiton (BHP) and Rio Tinto (RIO) have already released their quarterly production reports. Glencore (GLEN-L) is scheduled to release its 4Q17 production report on February 1, which will be followed by its preliminary annual results on February 21. Teck Resources’ 4Q17 earnings are scheduled to be released on February 14.

In this series, we’ll explore Freeport’s 4Q17 earnings in detail. We’ll see how Freeport fared on key financial metrics in 4Q17. Let’s start by looking at Freeport’s 4Q17 revenue.


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