Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings Results and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 25, 2017 at 08:00 am
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Freeport-McMoRan Inc. reported unaudited consolidated earnings results and operating results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenue of USD 4,377 million compared to USD 3,516 million a year ago. Operating income was USD 703 million compared to operating loss of USD 4,097 million a year ago. Net income from continuing operations was USD 202 million compared to loss from continuing operations of USD 4,090 million a year ago. Net income was USD 200 million compared to net loss of USD 4,094 million a year ago. Net income attributable to the company was USD 292 million or USD 0.22 per basic and diluted share from continuing operations compared to net loss attributable to the company of USD 4,081 million or USD 3.46 per basic and diluted share from continuing operations a year ago. Fourth-quarter 2016 adjusted net income attributable to common stock totaled USD 351 million, USD 0.25 per share.
For the quarter, the company reported copper production of 420 million of recoverable pounds compared to 527 million of recoverable pounds a year ago. Molybdenum production was 8 million of recoverable pounds compared to 9 million of recoverable pounds a year ago.
For the year, the company reported revenue of USD 14,830 million compared to USD 14,607 million a year ago. Operating loss was USD 2,792 million compared to USD 13,512 million a year ago. Net loss from continuing operations was USD 3,832 million compared to USD 12,180 million a year ago. Net loss was USD 4,025 million compared to USD 12,089 million a year ago. Net loss attributable to the company was USD 4,154 million or USD 2.96 per basic and diluted share from continuing operations compared to USD 12,236 million or USD 11.32 per basic and diluted share from continuing operations a year ago. Net cash provided by operating activities was USD 3,729 million compared to USD 3,220 million a year ago. Capital expenditures were USD 102 million compared to USD 355 million a year ago.
For the year, the company reported copper production of 1,831 million of recoverable pounds compared to 1,947 million of recoverable pounds a year ago. Molybdenum production was 33 million of recoverable pounds compared to 37 million of recoverable pounds a year ago.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings Results and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2016
FREEPORT-MCMORAN INC. 
