This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter And Year Ended December 31, 2012 Results

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX):

  • Net income attributable to common stock for fourth-quarter 2012 was $743 million, $0.78 per share, compared with net income of $640 million, $0.67 per share, for fourth-quarter 2011. Net income attributable to common stock for the year 2012 was $3.0 billion, $3.19 per share, compared with $4.6 billion, $4.78 per share, for the year 2011.
  • Consolidated sales from mines for fourth-quarter 2012 totaled 972 million pounds of copper, 254 thousand ounces of gold and 21 million pounds of molybdenum, compared with 823 million pounds of copper, 133 thousand ounces of gold and 19 million pounds of molybdenum for fourth-quarter 2011. Consolidated sales for the year 2012 totaled 3.65 billion pounds of copper, 1.0 million ounces of gold and 83 million pounds of molybdenum, compared with 3.70 billion pounds of copper, 1.4 million ounces of gold and 79 million pounds of molybdenum for the year 2011.
  • Consolidated sales from mines for the year 2013 are expected to approximate 4.3 billion pounds of copper, 1.4 million ounces of gold and 90 million pounds of molybdenum, including 940 million pounds of copper, 230 thousand ounces of gold and 23 million pounds of molybdenum for first-quarter 2013.
  • Consolidated unit net cash costs (net of by-product credits) averaged $1.54 per pound of copper for fourth-quarter 2012, compared with $1.57 per pound for fourth-quarter 2011. Based on current sales volume and cost estimates and assuming average prices of $1,700 per ounce for gold and $11 per pound for molybdenum, consolidated unit net cash costs (net of by-product credits) are estimated to average $1.35 per pound of copper for the year 2013.
  • Operating cash flows totaled $1.3 billion for fourth-quarter 2012 (including $122 million of net working capital sources and other tax payments) and $3.8 billion (net of $1.4 billion in working capital uses and other tax payments) for the year 2012, compared with $746 million for fourth-quarter 2011 (net of $335 million in working capital uses and other tax payments) and $6.6 billion (net of $461 million in working capital uses and other tax payments) for the year 2011. Based on current sales volume and cost estimates and assuming average prices of $3.65 per pound for copper, $1,700 per ounce for gold and $11 per pound for molybdenum, operating cash flows are estimated to approximate $7 billion for the year 2013, excluding results of pending acquisitions.
  • Capital expenditures totaled $976 million for fourth-quarter 2012 and $3.5 billion for the year 2012, compared with $785 million for fourth-quarter 2011 and $2.5 billion for the year 2011. Excluding amounts for pending acquisitions, capital expenditures are expected to approximate $4.6 billion for the year 2013, including $2.8 billion for major projects and $1.8 billion for sustaining capital.
  • At December 31, 2012, consolidated cash totaled $3.7 billion and total debt totaled $3.5 billion.
  • On December 5, 2012, FCX announced definitive agreements to acquire Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR) in transactions totaling $20 billion, which would create a premier U.S.-based natural resource company. The transactions are expected to close in second-quarter 2013.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported fourth-quarter 2012 net income attributable to common stock of $743 million, $0.78 per share, compared with $640 million, $0.67 per share, for fourth-quarter 2011. Fourth-quarter 2012 net income included a net credit of $40 million ($0.04 per share) associated with adjustments to environmental obligations and related litigation reserves and a gain for insurance recoveries, partly offset by charges for labor agreement costs at Candelaria and for costs associated with the PXP and MMR transactions. Fourth-quarter 2011 net income included a net charge of $73 million ($0.08 per share) associated with adjustments to environmental obligations and related litigation reserves and bonuses for new labor agreements and other employee costs at PT Freeport Indonesia, Cerro Verde and El Abra. For the year 2012, FCX reported net income attributable to common stock of $3.0 billion, $3.19 per share, compared with $4.6 billion, $4.78 per share, for the year 2011.

1 of 21

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs