Freeport-McMoRan (FCX) FY2019 results: revenue $14.4 billion, down 22.7% on the year
Freeport-McMoRan Inc. (FCX) reported revenue of $14.4 billion for fiscal 2019, the year ended 31 December 2019, down 22.7% on the year before. Net income was -$239 million, and diluted earnings per share $-0.17. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$14.4 billion
-22.7% on the year
FY2012FY2019
Operating margin
7.6%
25.5% a year earlier
FY2012FY2019
Net income
-$239 million
FY2012FY2019
Diluted EPS
-$0.17
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,402
18,628
16,403
-22.7%
Cost of revenue
13,105
13,445
11,980
-2.5%
Gross profit
1,297
5,183
4,423
-75.0%
Gross margin
9.0%
27.8%
27.0%
Selling, general and administrative
394
422
477
-6.6%
Operating income
1,091
4,754
3,690
-77.1%
Operating margin
7.6%
25.5%
22.5%
Pre-tax income
306
3,892
2,902
-92.1%
Income tax
510
991
883
-48.5%
Effective tax rate
166.7%
25.5%
30.4%
Net income
-239
2,602
1,817
Net margin
-1.7%
14.0%
11.1%
Diluted EPS
-$0.17
$1.78
$1.25
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,482
3,863
4,666
-61.6%
Capital expenditure
2,652
1,971
1,410
+34.6%
Free cash flow
-1,170
1,892
3,256
Free cash flow margin
-8.1%
10.2%
19.9%
Cash from investing
-2,103
-5,018
-1,321
Cash from financing
-1,556
900
-3,055
Depreciation and amortisation
1,412
1,754
1,714
-19.5%
Share-based compensation
63.0
76.0
71.0
-17.1%
Buybacks
0.0
n/a
n/a
Dividends paid
291
218
2.0
+33.5%
Dividend per share
$0.20
$0.20
$0.00
0.0%
Diluted shares, weighted
1,451m
1,458m
1,454m
-0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,298
9,798
7,977
-5.1%
Non-controlling interest
8,150
8,094
3,319
+0.7%
Debt
9,826
11,141
13,229
-11.8%
Operating lease liabilities
204
0.0
n/a
Other liabilities
13,331
13,183
12,777
+1.1%
Total liabilities and equity
40,809
42,216
37,302
-3.3%
Fixed assets
29,584
28,010
22,994
+5.6%
Intangible assets
402
398
307
+1.0%
Investments
66.0
65.0
30.0
+1.5%
Cash and equivalents
2,020
4,217
4,526
-52.1%
Receivables
741
829
1,322
-10.6%
Other assets
7,996
8,697
8,123
-8.1%
Total assets
40,809
42,216
37,302
-3.3%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.