Why Freeport-McMoRan (FCX) Shares Are Sliding Today - Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan Inc FCX shares are down Friday morning as its first quarter production, and sales were impacted by the February weather event, with a full recovery in March. The company's first-quarter results surpassed Street expectations.
FCX reported a first-quarter FY23 revenue decline of 18.4% year-over-year to $5.39 billion, beating the consensus of $5.25 billion.
Adjusted EPS was $0.52, beating the consensus of $0.46.
Q1 copper sales of 832 million pounds were down 18.7% Y/Y, reflecting the deferral of sales recognition for ~110 million pounds related to the PT Smelting tolling arrangement and the timing of shipments.
Gold sales of 270 thousand ounces were down 34% Y/Y. Molybdenum sales of 19 million pounds approximated the January 2023 estimate and 1Q22 sales.
Operating cash flow for the quarter totaled $1.05 billion, compared to $1.69 billion in 1Q22.
On March 31, 2023, consolidated debt totaled $9.6 billion, and consolidated cash and equivalents totaled $6.9 billion.
2Q23 Outlook: FCX sees consolidated sales volumes to approximate 1.1 billion pounds of copper, 500 thousand ounces of gold, and 20 million pounds of molybdenum.
FY23 Outlook: Freeport-McMoRan expects consolidated sales volumes to approximate 4.1 billion pounds of copper, 1.8 million ounces of gold, and 79 million pounds of molybdenum.
The company expects operating cash flows of ~$7 billion in FY23 and capital expenditures to be ~$5.1 billion.
Price Action: FCX shares are trading lower by 4.26% at $39.60 on the last check Friday.

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Why Freeport-McMoRan Shares Are Sliding Today