Freeport-McMoRan Inc. Q4 adjusted earnings Beat Estimates
Below are the earnings highlights for Freeport-McMoRan Inc. (FCX):
-Earnings: $9 million in Q4 vs. $485 million in the same period last year.
-Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $31 million or $0.02 per share for the period.
-Analysts projected $0.00 per share
-Revenue: $3.91 billion in Q4 vs. $3.68 billion in the same period last year.
East West Bancorp Q4 adjusted earnings Beat Estimates
East West Bancorp (EWBC) announced a profit for its fourth quarter that increased from last year.
The company’s bottom line came in at $188.22 million, or $1.29 per share. This compares with $173.02 million, or $1.18 per share, in last year’s fourth quarter.
Excluding items, East West Bancorp reported adjusted earnings of $187.10 million or $1.28 per share for the period.
Analysts had expected the company to earn $1.16 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 0.3% to $368.22 million from $369.42 million last year.
East West Bancorp earnings at a glance:
-Earnings (Q4): $187.10 Mln. vs. $173.02 Mln. last year.
-EPS (Q4): $1.28 vs. $1.18 last year.
-Analysts Estimate: $1.16
-Revenue (Q4): $368.22 Mln vs. $369.42 Mln last year.
Freeport-McMoRan tops earnings estimates for Q4
Freeport-McMoRan Inc. FCX, +0.41% said Thursday it had net income of $9 million, or less than 1 cent a share, in the fourth quarter, down from $485 million, or 33 cents a share, in the year-earlier period. Adjusted per-share earnings came to 2 cents, ahead of the FactSet consensus for breakeven. The copper and gold miner said revenue rose to $3.911 billion from $3.684 billion, well ahead of the $3.698 billion FactSet consensus. Sales of copper totaled 906 million pounds, sales of gold came to 317 thousand ounces and sales of molybdenum came to 22 million pounds in the quarter. For 2020, the company is expecting sales of about 3.5 billion pounds of copper, 0.8 million ounces of gold and 88 million pounds of molybdenum, including 725 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in the first quarter. Capital expenditures are expected to come to $2.8 billion in 2020 after $2.65 billion in 2019, and will fund underground development rose 0.5% premarket but are up just 0.1% in the last 12 months through Wednesday, while the S&P 500 SPX, +0.03% has gained 26%.
Cresco Labs gets $100 million in senior secured term loan
Cresco Labs Inc. CRLBF, -1.86%CL, -1.19% said Thursday it has entered a senior secured term loan agreement for an initial sum of $100 million with an option to borrow up to $200 million. The Chicago-based cannabis company expects to complete an initial drawdown by Jan. 30 and will use the funds to expand operations in Illinois, where cannabis became legal for adult use this year. Cannabis companies have been struggling to access capital in recent months after a steep selloff in the sector last year and many have been forced into dilutive financings or have resorted to sale-and-leaseback arrangements using their own real estate. "Through this deal, we have diversified the Company’s funding sources, improved our cost of capital in a non-dilutive manner and given ourselves flexibility in a dynamic capital environment," Chief Executive Charlie Bachtell said in a statement. Loans made on the initial closing date will bear interest at a rate of about 12.7% per year for 18-month loans and about 13.2% for 24-month loans, payable quarterly in arrears, said the statement. Cresco’s U.S.-listed shares were not yet active premarket, but have fallen 2.9% in the last 12 months, while the ETFMG Alternative Harvest ETF MJ, -0.11% has fallen 40% and the S&P 500 SPX, +0.03% has gained 26%.
Singapore confirms first case of new China virus: Straits Times
SINGAPORE (Reuters) – Singapore on Thursday confirmed its first case of a new strain of coronavirus that has killed 17 and infected nearly 600 people in China, the Straits Times newspaper reported.
The 66-year old man who tested positive for the virus is a Chinese national and resident of the city of Wuhan, where there infection broke out, the newspaper said, citing Singapore’s health ministry. Another case is also likely, it said.
Total number of coronavirus cases in China at 634: State TV
BEIJING (Reuters) – The total number of cases of the coronavirus outbreak has hit 634, Chinese state television reported on Thursday.
At the end of Wednesday, 17 deaths from the virus have been reported, all in Hubei province.
South Africa ups surveillance for all travelers from Asia after coronavirus outbreak
JOHANNESBURG (Reuters) – South Africa’s Department of Health said on Thursday port health authorities have enhanced surveillance for all travelers from Asia, especially China, following an outbreak of coronavirus in the country.
Johannesburg’s international airport, OR Tambo, is the only port of entry for direct flights from Asia, it added, saying the measures had been put in place due to the current risk the virus could be imported to South Africa.
REFILE-NY Fed accepts $44.15 bln in overnight repo bids -NY Fed website
(Corrects time period in last paragraph)
NEW YORK, Jan 23 (Reuters) – The New York Federal Reserve on Thursday accepted all $44.15 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation meant to keep the federal funds rate within the target range.
On Wednesday, the Fed accepted $49.826 billion in overnight repo bids.
The U.S. overnight repo rate on Thursday was 1.58% before the repo operation, versus Wednesday’s 1.6%. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chizu Nomiyama)