Summary
Freeport-McMoRan Inc. (FCX) reported a strong first quarter of 2022, demonstrating robust financial performance and significant cash flow generation, driven by higher copper and gold sales volumes and prices. Revenues increased to $6.6 billion from $4.8 billion in the prior year's comparable period, with net income attributable to common stockholders more than doubling to $1.5 billion ($1.04 diluted EPS) from $718 million ($0.48 diluted EPS). The company maintained a healthy liquidity position with $8.3 billion in cash and cash equivalents and an available $3.5 billion under its revolving credit facility, while actively returning capital to shareholders through share repurchases totaling $541 million in the quarter and declared dividends. Despite inflationary pressures on input costs, FCX remains optimistic about the long-term outlook for copper, supported by its role in the global energy transition and supply constraints.
Financial Highlights
50 data points| Revenue | $6.60B |
| Cost of Revenue | $3.64B |
| Gross Profit | $2.96B |
| SG&A Expenses | $115.00M |
| Operating Expenses | $3.79B |
| Operating Income | $2.81B |
| Net Income | $1.53B |
| EPS (Basic) | $1.05 |
| EPS (Diluted) | $1.04 |
| Shares Outstanding (Basic) | 1.46B |
| Shares Outstanding (Diluted) | 1.47B |
Key Highlights
- 1Revenue surged by 36% year-over-year to $6.6 billion, driven by higher sales volumes and prices for copper and gold.
- 2Net income attributable to common stockholders more than doubled to $1.5 billion ($1.04 diluted EPS) compared to $718 million ($0.48 diluted EPS) in Q1 2021.
- 3Operating cash flow increased to $1.7 billion from $1.1 billion in the prior year's quarter, indicating strong cash-generating capabilities.
- 4The company repurchased $541 million of its common stock in the quarter, demonstrating commitment to returning capital to shareholders.
- 5FCX maintained a strong balance sheet with $8.3 billion in cash and cash equivalents and $3.5 billion available under its revolving credit facility, resulting in a net debt of $1.3 billion.
- 6Consolidated unit net cash costs for copper mines averaged $1.33 per pound, slightly down from $1.39 per pound in Q1 2021, despite inflationary pressures.
- 7The company provided an optimistic outlook for 2022, projecting consolidated operating cash flows of $8.6 billion, which is expected to significantly exceed projected capital expenditures.