On Wednesday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -1% to $10.93, hitting its lowest level.
Freeport-McMoRan offered an update on its progress in reducing costs and capital spending.
In response to current oil and gas market conditions, Freeport-McMoRan Oil and Gas (FM O&G) is deferring investments in several long-term projects. In addition, FM O&G has revised its estimate of the start-up of initial production from its recent drilling success in the Horn Mountain area to 2016 from the formerly estimated start-up in 2017. This revised operating plan will allow FM O&G to continue to grow production and enhance cash flow in a weak oil and gas price environment.
The revised plans, together with the formerly declared potential initial public offering of a minority interest in FM O&G and potential other actions, will be pursued as required to fund oil and gas capital spending within cash flow for 2016 and subsequent years.
FCX is also concluding a review of operating plans at each of its global copper and molybdenum operations and will revise operating and capital plans to strengthen its financial position in a weak copper price environment. The revised plans will target lower operating and capital costs to achieve maximum cash flow under the current market conditions. Production at certain operations challenged by low commodity prices will be curtailed. The company anticipates to complete this review promptly and will report its revised plans during the third quarter of 2015.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of First Solar, Inc. (NASDAQ:FSLR), inclined 16.67% to $51.92, during its last trading session.
First Solar declared financial results for the second quarter of 2015. Net sales were $896 million in the quarter, an enhance of $427 million from the first quarter of 2015. The enhance in net sales from the preceding quarter resulted from raised revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.
The Company stated second quarter GAAP earnings per fully diluted share of $0.93, contrast to a loss of ($0.62) in the preceding quarter. The sequential enhance in net income was due to higher systems project revenue, project cost improvements and a discrete tax benefit in the second quarter of about $42 million.
Cash and marketable securities at the end of the second quarter were about $1.8 billion, an enhance of about $291 million contrast to the preceding quarter. The enhance in cash and marketable securities during the quarter was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell projects in addition to proceeds received in conjunction with the 8point3 Energy Partners IPO.
First Solar, Inc. provides solar energy solutions worldwide. The company operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells solar modules that convert sunlight into electricity.
Finally, Zillow Group, Inc. (NASDAQ:Z), ended its last trade with -2.40% loss, and closed at $72.42, hitting its lowest level.
Zillow Group declared its merged financial results for the quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
Throughout this release, financial results are presented on both a stated and pro forma basis. Stated results were prepared in accordance with generally accepted accounting principles (GAAP). Pro forma results exclude items described in the reconciliation tables below and assume the February 2015 acquisition of Trulia occurred on January 1, 2014, the starting of the comparable preceding year reporting period. The pro forma results are presented in order to provide additional insights into the underlying trends in the business. Revenue and Adjusted EBITDA for the three months ended June 30, 2015 are presented in this release on an as stated basis.
- Revenue raised 20% to $171.3 million from pro forma revenue of $142.8 million in the second quarter of 2014, surpassing the high end of the company’s outlook by $2.3 million. Not taking into account Market Leader Revenue, Revenue raised 25% to $158.7 million from $126.8 million in the second quarter of 2014 on a pro forma basis.
- Marketplace Revenue raised 29% to $145.5 million from pro forma revenue of $112.4 million in the second quarter of 2014.
- Real Estate Revenue grew 37% to $122.6 million from pro forma revenue of $89.2 million in the second quarter of 2014.
- Mortgages Revenue grew 44% to $10.4 million from pro forma revenue of $7.2 million in the second quarter of 2014.
- Market Leader Revenue reduced 21% to $12.5 million from pro forma revenue of $16.0 million in the second quarter of 2014. As formerly declared, Zillow Group is conducting a planned review of the Market Leader business.
- Display Revenue reduced 15% to $25.8 million from pro forma revenue of $30.4 million in the second quarter of 2014.
- Pro forma net loss was $26.7 million in the second quarter of 2015 contrast to pro forma net loss of $29.6 million in the same period last year.
- GAAP net loss was $38.7 million in the second quarter of 2015, which comprises the impact of $1.7 million of acquisition-related costs and $6.7 million of restructuring costs due to the company’s February 2015 acquisition of Trulia and the related restructuring plan.
Zillow Group, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. It offers a portfolio of brands and products to assist people find vital information about homes, and connect with local professionals.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified with such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
