Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance and Capital Expenditure Guidance for the Full Year of 2015
January 27, 2015 at 06:30 pm IST
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Freeport-McMoRan Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating loss of $3,299 million, net loss of $2,735 million, net loss attributable to FCX common stock was $2,852 million or $2.75 diluted loss per share on revenues of $5,235 million against operating income of $1,650 million, net income of $959 million, net income attributable to FCX common stock was $707 million or $0.68 diluted per share on revenues of $5,885 million for the same period a year ago. Capital Expenditure was $1.8 billion for fourth-quarter 2014. Operating cash flows for the quarter totaled $1.1 billion.
For the year, the company reported operating income of $97 million, net loss of $745 million, net loss attributable to FCX common stock was $1,308 million or $1.26 diluted loss per share on revenues of $21,438 million against operating income of $5,351 million, net income of $3,441 million, net income attributable to FCX common stock was $2,658 million or $2.64 diluted per share on revenues of $20,921 million for the same period a year ago. Net cash provided by operating activities was $5,631 million against $6,139 million for the same period a year ago. Capital Expenditure was $7.2 billion for the year 2014.
Capital expenditures are currently expected to approximate $6.0 billion for the year 2015, including $2.5 billion for major projects at mining operations (primarily for the Cerro Verde expansion and underground development activities at Grasberg) and $2.3 billion for oil and gas operations.
Consolidated sales for the year 2015 are expected to approximate 4.3 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 55.5 MMBOE, including 950 million pounds of copper, 225,000 ounces of gold, 23 million pounds of molybdenum and 13.1 MMBOE for first-quarter 2015.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance and Capital Expenditure Guidance for the Full Year of 2015