Freeport-McMoRan Shares Fall On FY22 Copper Sales Outlook Cut - Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan Inc FCX reported first-quarter revenue growth of 36.1% year-over-year to $6.6 billion, beating the consensus of $6.41 billion.
Adjusted EPS improved to $1.07 from $0.51 in 1Q21, beating the consensus of $0.94.
Average realized prices were $4.66 per pound for copper, $1,920 per ounce for gold, and $19.30 per pound for molybdenum.
Average unit net cash costs were $1.33 per pound of copper and are expected to average $1.44 per pound of copper for 2022.
Q1 copper sales of 1 billion pounds were higher by 24% Y/Y, primarily reflecting the ramp-up of underground mining at the Grasberg minerals district and the timing of shipments in North America.
Gold sales of 409 thousand ounces were 59% higher Y/Y. Molybdenum sales of 19 million pounds were lower than 1Q21 sales of 21 million pounds, primarily reflecting the timing of shipments.
FCX has acquired 26.8 million shares of its common stock for $1.1 billion at an average cost per share of $41.69 under the $3.0 billion share repurchase program.
FCX’s operating cash flows totaled $1.7 billion for the quarter, compared to $1.07 billion a year ago.
As of March 31, 2022, consolidated cash and equivalents totaled $8.3 billion, and net debt was $1.3 billion.
Freeport-McMoRan expects consolidated sales volumes for 2022 to approximate 4.25 (prior view 4.3) billion pounds of copper, 1.6 million ounces of gold, and 80 million pounds of molybdenum.
Price Action: FCX shares are trading lower by 7.78% at $46.02 on the last check Thursday.

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