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Freeport-McMoRan Crushes Q1 Earnings Estimates
Freeport-McMoRan Copper & Gold (NYSE:FCX) reported Q1 EPS of $1.57 today, trouncing the consensus estimate for $1.26 per share. Revenues for the quarter were up 30.9% year-over-year to $5.71 billion, beating the consensus estimate for $5.31 billion. The company projects consolidated sales volumes for 2011 at approximately 3.9 billion pounds of copper, 1.6 million ounces of gold and 73 million pounds of molybdenum, including 965 million pounds of copper, 365 thousand ounces of gold and 17 million pounds of molybdenum in the second quarter of 2011. James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer, said, "Our strong first-quarter results reflect solid execution by our global operating teams and continuation of favorable pricing for our principal commodities - copper, gold and molybdenum. We are focused on continuing the successful execution of our operating plans and on developing our highly attractive projects for future growth. We are well placed for future success with an attractive resource position, strong technical and project management capabilities and the financial resources required for investment. We are also pleased to have significant cash flows to enable investment in growth projects while providing increased cash returns to shareholders."
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