Freeport-McMoRan (FCX) FY2018 results: revenue $18.6 billion, up 13.6% on the year
Freeport-McMoRan Inc. (FCX) reported revenue of $18.6 billion for fiscal 2018, the year ended 31 December 2018, up 13.6% on the year before. Net income was $2.6 billion, up 43.2%, and diluted earnings per share $1.78. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$18.6 billion
+13.6% on the year
FY2011FY2018
Operating margin
25.5%
22.5% a year earlier
FY2011FY2018
Net income
$2.6 billion
+43.2% on the year
FY2011FY2018
Diluted EPS
$1.78
+42.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
18,628
16,403
14,830
+13.6%
Cost of revenue
13,445
11,980
17,534
+12.2%
Gross profit
5,183
4,423
-2,704
+17.2%
Gross margin
27.8%
27.0%
-18.2%
Selling, general and administrative
422
477
597
-11.5%
Operating income
4,754
3,690
-2,729
+28.8%
Operating margin
25.5%
22.5%
-18.4%
Pre-tax income
3,892
2,902
-3,472
+34.1%
Income tax
991
883
371
+12.2%
Effective tax rate
25.5%
30.4%
n/a
Net income
2,602
1,817
-4,154
+43.2%
Net margin
14.0%
11.1%
-28.0%
Diluted EPS
$1.78
$1.25
-$3.16
+42.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,863
4,666
3,737
-17.2%
Capital expenditure
1,971
1,410
2,813
+39.8%
Free cash flow
1,892
3,256
924
-41.9%
Free cash flow margin
10.2%
19.9%
6.2%
Cash from investing
-5,018
-1,321
3,550
Cash from financing
900
-3,055
-3,166
Depreciation and amortisation
1,754
1,714
2,610
+2.3%
Share-based compensation
76.0
71.0
86.0
+7.0%
Dividends paid
218
2.0
6.0
+10,800.0%
Dividend per share
$0.20
$0.00
$0.00
Diluted shares, weighted
1,458m
1,454m
1,318m
+0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
9,798
7,977
6,051
+22.8%
Non-controlling interest
8,094
3,319
3,206
+143.9%
Redeemable equity
n/a
n/a
0.0
Debt
11,141
13,229
16,027
-15.8%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
13,183
12,777
12,033
+3.2%
Total liabilities and equity
42,216
37,302
37,317
+13.2%
Fixed assets
28,010
22,994
23,219
+21.8%
Intangible assets
398
307
305
+29.6%
Investments
65.0
30.0
50.0
+116.7%
Cash and equivalents
4,217
4,526
4,245
-6.8%
Receivables
829
1,322
1,126
-37.3%
Other assets
8,697
8,123
8,372
+7.1%
Total assets
42,216
37,302
37,317
+13.2%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.