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Freeport-McMoRan Q1 Adj. Loss Narrower Than Estimates; Revenues Miss View

(RTTNews) - Freeport-McMoRan Inc. (FCX) on Friday reported its first-quarter 2020 financial results and revised operating plans in response to the global COVID-19 pandemic and the resulting negative impact on the global economy. The company's adjusted loss per share for the quarter was narrower than analysts' expectations, while revenues missed their estimates.

Freeport-McMoRan reported first-quarter net loss attributable to common stock of $491 million or $0.34 per share, compared to net income of $31 million or $0.02 per share in the year-ago period.

After adjusting for net charges of $256 million or $0.18 per share primarily associated with inventory valuation adjustments, adjusted net loss attributable to common stock was 235 million or $0.16 per share, compared to adjusted net income of $67 million or $0.05 per share last year.

Revenues for the quarter declined to $2.80 billion from $3.79 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expect the company to report loss of $0.18 per share for the quarter on revenues of $2.90 billion. Analysts' estimates typically exclude special items.
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