Wall Street analysts expect Freeport-McMoRan (FCX) to post quarterly earnings of $0.46 per share in its upcoming report, which indicates no change from the year-ago quarter. Revenues are expected to be $7.12 billion, up 7.5% from the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 11% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Given this perspective, it's time to examine the average forecasts of specific Freeport-McMoRan metrics that are routinely monitored and predicted by Wall Street analysts.
The combined assessment of analysts suggests that 'Revenues- Indonesia' will likely reach $3.16 billion. The estimate indicates a year-over-year change of +39.5%.
Analysts forecast 'Revenues- Molybdenum' to reach $254.90 million. The estimate indicates a year-over-year change of +84.7%.
The collective assessment of analysts points to an estimated 'Revenues- South America copper mines' of $1.26 billion. The estimate suggests a change of -16.8% year over year.
The consensus estimate for 'Revenues- North America copper mines' stands at $1.59 billion. The estimate indicates a change of +3.4% from the prior-year quarter.
It is projected by analysts that the 'Sales in thousands of ounces - Gold - Consolidated basis' will reach 499 thousands of ounces. Compared to the current estimate, the company reported 361 thousands of ounces in the same quarter of the previous year.
Analysts expect 'Production in millions of pounds - Molybdenum - By-product - North America' to come in at 8 millions of pounds. Compared to the current estimate, the company reported 6 millions of pounds in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Sales in thousands of Ounces - Gold - Indonesia' should arrive at 495 thousands of ounces. The estimate compares to the year-ago value of 356 thousands of ounces.
The average prediction of analysts places 'Sales in thousands of Ounces - Gold - North America' at 4 thousands of ounces. Compared to the present estimate, the company reported 5 thousands of ounces in the same quarter last year.
Analysts predict that the 'Sales in millions of pounds - Copper - Indonesia - Grasberg' will reach 410 millions of pounds. Compared to the present estimate, the company reported 337 millions of pounds in the same quarter last year.
According to the collective judgment of analysts, 'Average realized price per pound - Copper' should come in at $4.41 . The estimate is in contrast to the year-ago figure of $4.48 .
Analysts' assessment points toward 'Average realized price per ounce - Gold' reaching $3212.86 . Compared to the current estimate, the company reported $2299.00 in the same quarter of the previous year.
The consensus among analysts is that 'Average realized price per pound - Molybdenum' will reach $20.67 . The estimate is in contrast to the year-ago figure of $21.72 .
View all Key Company Metrics for Freeport-McMoRan here>>>
Over the past month, Freeport-McMoRan shares have recorded returns of +8% versus the Zacks S&P 500 composite's +5.4% change. Based on its Zacks Rank #3 (Hold), FCX will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Freeport-McMoRan Inc. (FCX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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