Freeport-McMoRan Inc
FCX
Delayed Nyse - 05/25 10:00:51 pm
11.7USD
-1.68%

Freeport-McMoRan Inc : Freeport-McMoran Inc. and Teck Resources Ltd. Fired Up Earning Season for Mining Companies

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04/26/2017 | 01:30 pm

NEW YORK, NY / ACCESSWIRE / April 26, 2017 / Tuesday kicked off the earnings season for big mining companies including Freeport-McMoRan and Teck Resources. Both companies fell short, but copper giant Freeport-McMoRan saw investor optimism pay off as it shares closed in the green due to a temporary export resumption.

RDI Initiates Coverage on:

Freeport-McMoran Inc.
https://ub.rdinvesting.com/news/?ticker=FCX

Teck Resources Ltd.
https://ub.rdinvesting.com/news/?ticker=TECK

Mining giant Freeport-McMoRan was one of the surprising winners the NYSE on Tuesday closing up 7.11% despite missing on earnings. The company not only missed on earnings but also cut its outlook and warned that it would be difficult to secure a long-term Indonesian mining permit. FCX reported a first-quarter profit of 15 cents a share, but fell short of the 16 cents that analysts had been looking for. The company generated revenue of $3.34 billion vs. $3.24 billion a year ago but also fell short of the $3.47 billion that analysts had expected.

Traders must have felt relieved over a temporary export resumption as shares were up as much as 9%. The copper mining company gained a six-month export permit Friday that coincided with U.S. Vice President Mike Pence's state visit and will now ramp up output and copper concentrate shipments from Grasberg, the world's second biggest copper mine. Management stated, "The resumption of concentrate exports in Indonesia and expected continued strong performance from our Americas operations will enable us to generate significant cash flows in the balance of the year to achieve our balance sheet objectives."

Access RDI's Freeport-McMoran Research Report at:
https://ub.rdinvesting.com/news/?ticker=FCX

Teck Resources Limited closed down 3.19% on Tuesday after reporting earnings and revenue that failed to impress the Street. The largest producer of steelmaking coal reported adjusted first quarter earnings of C$1.16 per share and revenue of C$2.89 billion ($2.13 billion) which both came in behind what analysts expected. Analysts were looking for C$1.29 in earnings and C$3.04 billion in revenue, according to Thomson Reuters I/B/E/S. According to TD Securities analyst Greg Barnes, the earnings miss was due to lower sales and higher costs at Teck's zinc unit. Barnes had expected the company to report a gross profit of $276 million but instead Teck's zinc unit reported first quarter gross profit of C$164 million on increased operating costs and a 23 percent production drop at Red Dog mine, due to lower grades.

Access RDI's Teck Resources Research Report at:
https://ub.rdinvesting.com/news/?ticker=TECK

Our Actionable Research on Freeport-McMoran Inc. (NYSE: FCX) and Teck Resources Ltd. (NYSE: TECK) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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