Freeport-McMoRan Inc. stock research
FY2023 Q3
Freeport-McMoRan (FCX) Gross Margin — Quarter Ended Sep 30, 2023
In the third quarter of fiscal 2023, revenue and cost of revenue were similar to the prior quarter, resulting in a gross margin that was slightly lower. Compared to the same quarter a year earlier, both revenue and gross profit were higher, and gross margin improved.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
In the third quarter of fiscal 2023, revenue and cost of revenue were similar to the prior quarter, resulting in a gross margin that was slightly lower. Compared to the same quarter a year earlier, both revenue and gross profit were higher, and gross margin improved.
- The year-over-year gross margin improvement is associated with a higher increase in revenue than in cost of revenue.
- Sequentially, gross margin weakened slightly from the previous quarter, while year-over-year, gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
30.3%
Gross profit
$1.8B
Revenue
$5.9B
Cost of revenue
$4.1B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
+3.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $5.1B | $1.6B | $3.6B | 30.3% |
| Jun 30, 2023 | $5.9B | $1.8B | $4.1B | 30.9% |
| Sep 30, 2023 | $5.9B | $1.8B | $4.1B | 30.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
-0.6 pts
Year-over-year change
Sep 30, 2022
+3.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The year-over-year gross margin improvement is associated with a higher increase in revenue than in cost of revenue.
Sequentially, gross margin weakened slightly from the previous quarter, while year-over-year, gross margin strengthened.
Monitor the relationship between revenue growth and cost of revenue changes.