Freeport-McMoRan (FCX) FY2020 results: revenue $14.2 billion, down 1.4% on the year
Freeport-McMoRan Inc. (FCX) reported revenue of $14.2 billion for fiscal 2020, the year ended 31 December 2020, down 1.4% on the year before. Net income was $599 million, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$14.2 billion
-1.4% on the year
FY2013FY2020
Operating margin
17.2%
7.6% a year earlier
FY2013FY2020
Net income
$599 million
FY2013FY2020
Diluted EPS
$0.41
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,198
14,402
18,628
-1.4%
Cost of revenue
11,655
13,105
13,445
-11.1%
Gross profit
2,543
1,297
5,183
+96.1%
Gross margin
17.9%
9.0%
27.8%
Selling, general and administrative
370
394
422
-6.1%
Operating income
2,437
1,091
4,754
+123.4%
Operating margin
17.2%
7.6%
25.5%
Pre-tax income
1,797
306
3,892
+487.3%
Income tax
944
510
991
+85.1%
Effective tax rate
52.5%
166.7%
25.5%
Net income
599
-239
2,602
Net margin
4.2%
-1.7%
14.0%
Diluted EPS
$0.41
-$0.17
$1.78
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,017
1,482
3,863
+103.6%
Capital expenditure
1,961
2,652
1,971
-26.1%
Free cash flow
1,056
-1,170
1,892
Free cash flow margin
7.4%
-8.1%
10.2%
Cash from investing
-1,264
-2,103
-5,018
Cash from financing
-128
-1,556
900
Depreciation and amortisation
1,528
1,412
1,754
+8.2%
Share-based compensation
99.0
63.0
76.0
+57.1%
Buybacks
0.0
0.0
n/a
Dividends paid
73.0
291
218
-74.9%
Dividend per share
$0.00
$0.20
$0.20
Diluted shares, weighted
1,461m
1,451m
1,458m
+0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,174
9,298
9,798
+9.4%
Non-controlling interest
8,494
8,150
8,094
+4.2%
Debt
9,711
9,826
11,141
-1.2%
Operating lease liabilities
190
204
0.0
-6.9%
Other liabilities
13,575
13,331
13,183
+1.8%
Total liabilities and equity
42,144
40,809
42,216
+3.3%
Fixed assets
29,818
29,584
28,010
+0.8%
Intangible assets
401
402
398
-0.2%
Investments
70.0
66.0
65.0
+6.1%
Cash and equivalents
3,657
2,020
4,217
+81.0%
Receivables
892
741
829
+20.4%
Other assets
7,306
7,996
8,697
-8.6%
Total assets
42,144
40,809
42,216
+3.3%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.