Freeport-McMoRan posted fourth-quarter profits Tuesday that came across Wall Street expectations, but trimmed 2021 production guidance. FCX stock fell sharply in Tuesday’s market action.
Freeport-McMoRan reiterated that it expects to resume dividend payments in 2021 while the copper price has surged to a seven-year high.
“We realized operating that is strong and project execution, developing a solid foundation for future growth in product sales volumes and cash flows.,” Freeport CEO Richard Adkerson said in a statement.
Quotes: Analysts expected Q4 EPS of 39 cents vs. 2 cents a ago, in accordance with Zacks Investment analysis year. Income was seen rising 9.4percent to $4.28 billion.
Outcomes: Freeport received 39 cents a share as income grew 14.9% to $4.495 billion.
Outlook: Freeport offered guidance for 2021 sales of 3.8 billion pounds of copper and 1.3 million ounces of gold. That is notably lower than guidance of 3.85 billion pounds of copper and 1.4 million ounces of silver. Nonetheless, Freeport-McMoRan raised its 2022 target for copper sales to 4.3 billion pounds from 4.2 billion.
Freeport also raised expected unit cash that is web to $1.25 per lb of copper for 2021 vs. October guidance of less than $1.20 per lb.
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FCX stock dropped 6.8% to 27.01 fleetingly ahead of the close. The copper play fell 5% Monday but discovered support at its 21-day average that is going.
FCX stock is extended from the brief consolidation that included a pattern that is three-weeks-tight. That buy point ended up being 25.53, because of the 5% chase zone expanding to 26.81. Freeport-McMoRan posted fourth-quarter profits Tuesday.
FCX stock is loosely linked with the price of copper, which is the reason about 80% of revenue. The copper price rally’s top, at the very least to date, came whilst the metal crested $3.70 per lb on Jan. 7, two times after Georgia’s runoff elections handed democrats control that is effective of Senate. At the time that is same FCX stock capped off a 26%, six-day run, while IBD’s ore mining stock group chalked up a 12.5% gain.
FCX stock includes a superlative 99 IBD Composite Rating, The Composite Rating combines several key fundamental and technical facets in to a rating that is single. IBD studies have shown stock that is all-time usually have a Composite Rating of at the very least 95 close to the begin of big runs