Freeport-McMoRan misses by $0.01, misses on revs; Announces $1.5 bln common stock offering, Lowers Operating Cash Flow guidance, Lowers CapEx Guidance :
- Reports Q2 (Jun) loss of $0.02 per share, excluding non-recurring items,$0.01 worse than the Capital IQ Consensus of ($0.01); revenues fell 15.3% year/year to $3.33 bln vs the $3.68 bln Capital IQ Consensus.
- Average realized prices were $2.18 per pound of copper, $1,292 per ounce for gold and $41.10 per barrel for oil for second-quarter 2016. Average unit net cash costs were $1.33 per pound of copper for mining operations and $15.00 per barrel of oil equivalents (BOE) for oil and gas operations for second-quarter 2016.
- Unit net cash costs for the year 2016 are expected to average $1.06 per pound of copper for mining operations (including Tenke) and $15.50 per BOE for oil and gas operations.
- Operating cash flows totaled $874 million for second-quarter 2016. Operating cash flows for the year 2016 are expected to approximate $4.5 billion compared to prior guidance of $4.8 bln (including $0.7 billion in working capital sources and changes in other tax payments).
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