Fresnillo beats across the board as Jefferies flags $1.7bn net cash pile Proactive uses images sourced from ShutterstockJefferies has described Fresnillo PLC's (LSE:FRES) first-half results as a clean beat across the board, with earnings, cash flow and sales volumes all coming in ahead of forecasts and capital spending guidance cut sharply. Gross profit of $2,359 million beat Jefferies at $2,233 million and consensus at $2,266 million. Free cash flow was the standout, calculated at $1,257 million against expectations closer to $710 million, on operating cash flow of $1,493 million after working capital and capital spending of just $236 million. Silver sales volumes of 23.4 million ounces exceeded production of 22 million ounces, while gold sales of 284,000 ounces lagged production but beat forecasts. Full-year production guidance is unchanged, though capital spending guidance has been cut by around 31% to a range of $500 million to $550 million.