Mining giant Freeport-McMoRan (NYSE:FCX) has delivered a better-than-expected set of numbers for the first quarter.
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Revenue declined 18.3% year-over-year to $5.39 billion but outperformed expectations by $140 million. EPS at $0.52 too came in ahead of expectations by $0.07. During the quarter, FCX produced 965 million pounds of copper, 405 thousand ounces of gold, and 21 million pounds of molybdenum.
While the company’s operations saw an impact from adverse weather in February, it clocked a complete recovery in March. Looking ahead, for the full year 2023, FCX expects consolidated sales of 4.1 billion pounds of copper, 1.8 million ounces of gold, and 79 million pounds of molybdenum.
Overall, the Street has a $46.50 consensus price target on FCX, pointing to a 12.4% potential upside in the stock. That’s on top of a 10.7% rise in the share price over the past month alone.
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