Freeport-Mcmoran Inc. Q4 FY2023 results: revenue $5.9 billion, up 2.6% on the year

Freeport-Mcmoran Inc. (FCX) reported revenue of $5.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 2.6% on the same quarter a year earlier. Net income was $388 million, down 44.3% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$5.9 billionup 2.6%

Net income$388 milliondown 44.3%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,905	5,824	n/a	n/a
Cost of revenue	3,949	4,086	n/a	n/a
Gross profit	1,956	1,738	n/a	n/a
Gross margin	33.1%	29.8%	n/a
Selling, general and administrative	120	118	n/a	n/a
Operating income	1,722	1,492	n/a	n/a
Operating margin	29.2%	25.6%	n/a
Pre-tax income	1,728	1,472	n/a	n/a
Income tax	724	508	n/a	n/a
Effective tax rate	41.9%	34.5%	n/a
Net income	388	454	n/a	n/a
Net margin	6.6%	7.8%	n/a
Diluted EPS	n/a	$0.31	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,320	1,236	n/a	n/a
Capital expenditure	1,362	1,178	n/a	n/a
Free cash flow	-42.0	58.0	n/a	n/a
Free cash flow margin	-0.7%	1.0%	n/a
Depreciation and amortisation	589	533	n/a	n/a
Share-based compensation	20.0	17.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	216	215	n/a	n/a
Dividend per share	n/a	$0.15	n/a	n/a
Diluted shares, weighted	1,443m	1,443m	n/a	n/a
Shares outstanding at period end	1,434m	1,434m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	52,506	51,648	n/a	n/a
Cash and equivalents	4,758	5,745	n/a	n/a
Receivables	1,209	792	n/a	n/a
Long-term debt	9,422	9,405	n/a	n/a
Operating lease liabilities	347	n/a	n/a	n/a
Shareholders' equity	16,693	16,459	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,824	5,905	6,321	6,624	6,790	5,720	5,728	7,582	6,972	5,633	6,234	7,029
Cost of revenue	4,086	3,949	4,439	4,384	4,677	4,295	4,222	4,950	4,830	4,616	4,579	4,843
Gross profit	1,738	1,956	1,882	2,240	2,113	1,425	1,506	2,632	2,142	1,017	1,655	2,186
Gross margin	30%	33%	30%	34%	31%	25%	26%	35%	31%	18%	27%	31%
SG&A	118	120	144	123	117	129	154	127	131	133	162	135
Operating income	1,492	1,722	1,634	2,049	1,938	1,243	1,303	2,432	1,972	811	2,137	2,003
Operating margin	26%	29%	26%	31%	29%	22%	23%	32%	28%	14%	34%	28%
Pre-tax income	1,472	1,728	1,674	2,030	1,963	1,240	1,291	2,391	1,924	766	2,034	1,930
Tax rate	35%	42%	31%	37%	38%	42%	39%	36%	35%	26%	32%	28%
Net income	454	388	473	616	526	274	352	772	674	406	881	984
Net margin	8%	7%	7%	9%	8%	5%	6%	10%	10%	7%	14%	14%
Diluted EPS	$0.31	n/a	$0.32	$0.42	$0.36	n/a	$0.24	$0.53	$0.46	n/a	$0.61	$0.68
Operating cash flow	1,236	1,320	1,896	1,956	1,872	1,436	1,058	2,195	1,664	693	1,495	2,048
Capital expenditure	1,178	1,362	1,254	1,116	1,199	1,239	1,172	1,261	1,056	1,005	973	n/a
Free cash flow	58.0	-42.0	642	840	673	197	-114	934	608	-312	522	n/a
Buybacks	0.0	0.0	0.0	0.0	59.0	0.0	55.0	52.0	0.0	0.0	93.0	110
Dividends paid	215	216	218	215	216	216	218	215	216	216	218	216
Shares outstanding	1,434m	1,434m	1,436m	1,437m	1,437m	1,437m	1,436m	1,436m	1,436m	1,437m	1,438m	1,436m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000831259-24-000011: the filing on EDGAR. All of Freeport-Mcmoran Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install