Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher premarket on Thursday after the company reported better-than-expected third-quarter FY25 results.
Revenue stood at $6.97 billion, beating the consensus of $6.71 billion.
Adjusted EPS of 50 cents beat the consensus of 41 cents.
Net income attributable to common stock totaled $674 million, or 46 cents per share, in the quarter.
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Production And Sales Volumes
- Copper production totaled 912 million pounds, with sales of 977 million.
- Gold production was 287,000 ounces, with sales of 336,000 ounces
- Molybdenum production totaled 22 million pounds, while sales totaled 19 million pounds.
Copper and gold production declined due to the temporary suspension of operations since the September 2025 mud rush incident at PTFI and lower ore grades in Indonesia.
On Sept. 8, the Grasberg copper and gold mine in Papua experienced a massive mud rash that trapped seven workers. The surge, originating from the former Grasberg open pit, impacted several mine levels, and Freeport-McMoRan temporarily suspended operations at the mine to focus on search efforts.
During the period, average realized prices stood at:
- $4.68 per pound for copper
- $3,539 per ounce for gold, and
- $24.07 per pound for molybdenum.
Unit net cash costs for copper averaged $1.40 per pound, well below guidance of $1.59 and up from $1.39 a year earlier, primarily due to higher by-product credits.
Other Key Metrics
Capital expenditures for the quarter totaled $1.1 billion, including $500 million for major mining projects and $100 million for PT Freeport Indonesia's downstream facilities. Full-year capital spending is expected to total $4.5 billion.
Freeport did not repurchase any shares during the quarter.
As of Sept. 30, Freeport-McMoRan held $4.3 billion in cash and equivalents and total debt of $9.3 billion.
The company also had $3 billion available under its corporate revolving credit facility.
As for outlook:
- Full-year sales are expected to reach 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum.
- Full-year unit net cash costs: projected at $1.68 per pound of copper
- Operating cash flows are projected to be approximately $5.5 billion for the full year.
Price Action: FCX shares are trading higher by 2.94% at $41.94 at the last check on Thursday.
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