logo
Plus   Neg
Share
Email

Freeport-McMoRan Expects Q2 Adj. EBITDA Of About $650 Mln - Quick Facts

Freeport-McMoRan Inc. (FCX) on Monday provided an update on its second-quarter operational and financial performance as well as its ongoing response to the COVID-19 pandemic.

Assuming an average estimated second-quarter 2020 copper price realization of $2.54 per pound and preliminary sales estimates, FCX expects second-quarter adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, of about $650 million.

The company also expects to record a small net loss before non-recurring items of about $0.03 per share. These amounts exclude the COVID-19 costs and non-recurring costs associated with employee separation programs implemented in response to market conditions.

In April 2020, FCX announced revised operating plans in response to the COVID-19 pandemic and resulting negative impact on the global economy. According to the company, the revised operating plans were effectively implemented across its North America operating sites, and production, costs and capital management were in line or better than forecast.

The Lone Star project is substantially complete and on track to produce about 200 million pounds of copper per annum, beginning in the second half of 2020.

FCX noted that during the second quarter, it met or exceeded several key performance targets that were included in its April 2020 revised operating plans. The company expects second-quarter copper sales to exceed the April 2020 estimate of 690 million pounds by about 8 percent, and gold sales to exceed the April 2020 estimate of 165 thousand ounces by almost 10 percent.

At June 30, 2020, FCX had no amounts drawn under its $3.5 billion revolving credit facility. At June 30, 2020, total consolidated debt is estimated to approximate $9.9 billion and consolidated cash is estimated to approximate $1.5 billion.

FCX plans to release second-quarter 2020 financial and operating results on Thursday, July 23, 2020 before the market opens.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Twitter could face a fine of up to $250 million from the U.S. Federal Trade Commission regarding its use of phone numbers and email addresses to target advertisements. Lord & Taylor joined the growing list of U.S. retailers who filed for bankruptcy amid the coronavirus pandemic. Lord & Taylor, one of the oldest department store chains in the U.S., filed for bankruptcy protection in the Eastern Court of Virginia on Sunday. The company operated 38 stores that have remained temporarily closed since March this year due to the pandemic. Thomson International Inc. is recalling Red, Yellow, White, and Sweet Yellow Onions for potential contamination with Salmonella, according to a statement by the U.S. Food and Drug Administration or FDA. The onions are in distribution since May 1, 2020. They were sold to wholesalers, restaurants, and retail stores in all 50 U.S. states, the District of Columbia and Canada.
RELATED NEWS
Follow RTT