Freeport-McMoRan misses by $0.08, reports revs in-line; provides update on debt reduction plan, debt cut by $8.4 bln in 2016 :
- Reports Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.33; revenues rose 24.5% year/year to $4.38 bln vs the $4.34 bln Capital IQ Consensus.
- During Q4, co completed $5.2 bln in asset sale transactions, including the sale of its interest in TF Holdings, through which FCX held an interest in the Tenke mine, and the sales of the Deepwater Gulf of Mexico and onshore California oil and gas properties. During 2016, FCX completed its asset divestment program, which generated $6.6 billion in aggregate proceeds.
- During 2016, FCX took actions to restore its balance sheet strength through a combination of asset sale transactions, cash flow from operations and capital market transactions. During the year, FCX completed $6.6 bln in asset sale transactions and $1.5 billion in ATM sales of its common stock. Consolidated debt, net of cash, was reduced by $8.4 bln during the year.
- At year end, consolidated debt totaled $16.0 billion and consolidated cash totaled $4.2 billion, compared with consolidated debt of $20.3 billion and consolidated cash of $177 million at December 31, 2015. FCX had no borrowings and $3.5 billion available under its $3.5 billion revolving credit facility at year-end 2016.
- Capital expenditures totaled $504 mln in Q4 (including $405 mln for mining operations). For all of 2016, it was $2.8 bln (including $1.6 bln for mining operations). Cap-ex for 2017 is expected to approximate $1.8 bln.
No comments:
Post a Comment