Freeport-McMoRan Inc. (NYSE:FCX) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On January 24, 2019, Freeport-McMoRan Inc. (FCX) issued a press release announcing its fourth-quarter and year ended 2018 financial and operating results, referencing supplementary schedules, a copy of which was furnished with FCX’s Current Report on Form 8-K (Item 2.02) filed on January 24, 2019. This amendment is being filed solely for the purpose of revising certain information as described herein.
Subsequent to issuing its January 24, 2019, press release and prior to filing its Annual Report on Form 10-K for the year ended December 31, 2018, FCX determined that an adjustment is required related to the application of relevant accounting rules to reflect the impact on deferred tax liabilities of the change in PT Freeport Indonesia’s (PT-FI’s) statutory tax rates associated with its special mining license granted on December 21, 2018.
The adjustment to PT-FI’s deferred tax liability increased fourth-quarter net income by $345 million and resulted in net income attributable to common stock totaling $485 million ($0.33 per share) in fourth-quarter 2018 and $2.6 billion ($1.78 per share) for the year 2018. The adjustment had no effect on net operating cash flows or fourth-quarter adjusted net income attributable to common stock of $161 million ($0.11 per share), as reported in FCX’s January 24, 2019, press release.
The impact of the adjustment is shown in the table below and is reflected in the revised supplemental schedules pages IV through VIII, which supersede and replace supplemental schedules pages IV through VIII of FCX’s January 24, 2019, press release. The revised pages of the supplemental schedules are included in Exhibit 99.1 hereto.
|
Three Months Ended 12/31/2018 |
Year Ended 12/31/2018 |
|||||||||||||
|
As Reported |
Adjust-ment |
Revised |
As Reported |
Adjust-ment |
Revised |
|||||||||
|
(In Millions, Except Per Share Amounts) |
||||||||||||||
|
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings |
$ |
(181 |
) |
$ |
$ |
(181 |
) |
$ |
3,892 |
$ |
$ |
3,892 |
||
|
Benefit from (provision for) income taxes |
(1,374 |
) |
(991 |
) |
||||||||||
|
Equity in affiliated companies’ net earnings |
||||||||||||||
|
Net (loss) income from continuing operations |
(9 |
) |
2,526 |
2,909 |
||||||||||
|
Net income (loss) from discontinued operations |
(15 |
) |
(15 |
) |
||||||||||
|
Net (loss) income |
(5 |
) |
2,511 |
2,894 |
||||||||||
|
Net loss (income) attributable to noncontrolling interests (continuing operations) |
(38 |
) |
(254 |
) |
(38 |
) |
(292 |
) |
||||||
|
Net income attributable to common stock |
$ |
$ |
$ |
$ |
2,257 |
$ |
$ |
2,602 |
||||||
|
Diluted net income (loss) per share attributable to common stock: |
||||||||||||||
|
Continuing operations |
$ |
0.09 |
$ |
0.24 |
$ |
0.33 |
$ |
1.56 |
$ |
0.24 |
$ |
1.79 |
(1) |
|
|
Discontinued operations |
(0.01 |
) |
(0.01 |
) |
||||||||||
|
$ |
0.09 |
$ |
0.24 |
$ |
0.33 |
$ |
1.55 |
$ |
0.24 |
$ |
1.78 |
(1) |
(1) Does not foot across because of rounding
Other than as described herein, the information included in FCX’s press release announcing fourth-quarter and year ended 2018 financial and operating results remains unchanged.
Item 7.01. Regulation FD Disclosure.
On January 24, 2019, FCX presented slides in connection with its fourth-quarter 2018 earnings conference call conducted via the internet on January24, 2019, a copy of which was furnished with FCX’s Current Report on Form 8-K (Item 7.01) filed on January 24, 2019. The impact of the adjustment described in Item 2.02, which is incorporated by reference herein, is reflected in revised slides 23 and 33, which supersede and replace slides 23 and 33 presented by FCX on January 24, 2019. The revised slides are included in Exhibit 99.2 hereto. The adjustment had no effect on adjusted earnings before interest, taxes and depreciation (Adjusted EBITDA) as reported in FCX’s slides presented on January 24, 2019. Other than as described herein, the information included in FCX’s slides presented on January 24, 2019 remains unchanged.
The information furnished to Item 2.02 and this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit Number |
Exhibit Title |
|
Revised supplemental schedules pages IV through VIII of FCX’s press release dated January 24, 2019, titled “Freeport-McMoRan Reports Fourth-Quarter and Year Ended 2018 Results.” |
|
|
Revised slides 23 and 33 presented in connection with FCX’s fourth-quarter 2018 earnings conference call conducted via the internet on January 24, 2019. |
FREEPORT-MCMORAN INC Exhibit
EX-99.1 2 a4q2018exhibit9918k-a.htm EXHIBIT 99.1 Exhibit Revised supplemental schedules of FCX’s press release dated January 24,…
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About Freeport-McMoRan Inc. (NYSE:FCX)
Freeport-McMoRan Inc. (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. Its portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States. Its Atlantic Copper smelts and refines copper concentrates, and markets refined copper and precious metals in slimes. It has a smelter at its Miami, Arizona, mining operation, and molybdenum conversion facilities in the United States and Europe.
