In its upcoming report, Freeport-McMoRan (FCX) is predicted by Wall Street analysts to post quarterly earnings of $0.60 per share, reflecting an increase of 11.1% compared to the same period last year. Revenues are forecasted to be $6.47 billion, representing a year-over-year decrease of 14.6%.
The consensus EPS estimate for the quarter has been revised 6.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Given this perspective, it's time to examine the average forecasts of specific Freeport-McMoRan metrics that are routinely monitored and predicted by Wall Street analysts.
The collective assessment of analysts points to an estimated 'Revenues- Indonesia' of $1.23 billion. The estimate indicates a change of -64% from the prior-year quarter.
It is projected by analysts that the 'Revenues- Molybdenum' will reach $350.55 million. The estimate points to a change of +94.8% from the year-ago quarter.
Analysts' assessment points toward 'Revenues- South America copper mines' reaching $1.66 billion. The estimate suggests a change of +31.5% year over year.
Analysts expect 'Revenues- North America copper mines' to come in at $2.15 billion. The estimate points to a change of +25.5% from the year-ago quarter.
According to the collective judgment of analysts, 'Sales in thousands of ounces - Gold - Consolidated basis' should come in at 140 thousands of ounces. The estimate compares to the year-ago value of 522 thousands of ounces.
The average prediction of analysts places 'Production in millions of pounds - Molybdenum - By-product - North America' at 8 millions of pounds. The estimate is in contrast to the year-ago figure of 9 millions of pounds.
The consensus among analysts is that 'Sales in millions of pounds - Copper - Consolidated' will reach 692 millions of pounds. Compared to the current estimate, the company reported 1016 millions of pounds in the same quarter of the previous year.
The consensus estimate for 'Sales in millions of pounds - Copper - Indonesia - Grasberg' stands at 113 millions of pounds. The estimate compares to the year-ago value of 443 millions of pounds.
Analysts forecast 'Sales in millions of pounds - Copper - Total South America' to reach 259 millions of pounds. The estimate is in contrast to the year-ago figure of 265 millions of pounds.
The combined assessment of analysts suggests that 'Sales in millions of pounds - Copper - Total North America' will likely reach 321 millions of pounds. Compared to the present estimate, the company reported 308 millions of pounds in the same quarter last year.
Based on the collective assessment of analysts, 'Sales in millions of pounds - Molybdenum - Consolidated basis' should arrive at 22 millions of pounds. The estimate is in contrast to the year-ago figure of 22 millions of pounds.
Analysts predict that the 'Average realized price per pound - Molybdenum' will reach $27.73 . Compared to the current estimate, the company reported $21.10 in the same quarter of the previous year.
View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have demonstrated returns of -15% over the past month compared to the Zacks S&P 500 composite's +0.6% change. With a Zacks Rank #3 (Hold), FCX is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Freeport-McMoRan Inc. (FCX): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).