Freeport-McMoRan Inc. reported net income attributable to common stock of $772 million for the second quarter of 2025, translating to $0.53 per share. The company achieved consolidated production of 963 million pounds of copper, 317 thousand ounces of gold, and 22 million pounds of molybdenum. Sales volumes exceeded earlier guidance, with average realized prices for copper at $4.54 per pound and gold at $3,291 per ounce. Operating cash flows reached $2.2 billion, and the company anticipates total operating cash flows of approximately $7.0 billion for the year, assuming stable commodity prices. Capital expenditures for the quarter amounted to $1.3 billion, with expectations of around $4.9 billion for the full year, primarily directed towards major mining projects and new processing facilities in Indonesia.
The company is advancing its domestic copper production initiatives, with plans to sell approximately 1.3 billion pounds of copper from U.S. operations in 2025. Following the announcement of a 50% tariff on U.S. copper imports, the market price for COMEX copper has increased significantly, benefiting Freeport-McMoRan as a leading U.S. copper supplier. The company is also pursuing innovative leaching technologies and operational enhancements aimed at increasing copper recovery and reducing costs. Future projects, including a significant expansion at the Bagdad operation, are under consideration, contingent upon favorable market conditions and technical evaluations.
linkJul 23, 2025 08:09:14
Freeport-McMoRan Inc. reported net income of $352 million or $0.24 per share for the first quarter of 2025, with copper sales volumes exceeding initial guidance. However, gold sales were impacted by shipment timing, and overall revenues decreased compared to the previous year. The company reaffirmed its annual guidance for copper and gold sales volumes and highlighted ongoing construction of a new smelter in Indonesia, expected to start up by mid-2025, which may enhance future production capabilities.
The company’s operating cash flows reached $1.1 billion, while capital expenditures totaled $1.2 billion during the same period. Freeport's consolidated debt stood at $9.4 billion, with cash and cash equivalents of $4.4 billion. The firm has been active in repurchasing shares, having bought back 2.3 million shares at an average cost of $35.48 per share, contributing to a total of 51 million shares repurchased under its $5.0 billion program. The management emphasized their commitment to reducing costs and improving efficiencies in light of ongoing economic uncertainties.
linkApr 24, 2025 08:09:37
Freeport reported that its first-quarter 2025 copper and gold production met expectations, although gold sales were impacted by shipment timing in Indonesia, resulting in approximately 100 thousand ounces less than initially guided. The company does not expect a material change to its annual consolidated sales guidance despite this adjustment, and it anticipates copper sales to align with previous guidance of 850 million pounds for the quarter.
On the negative side, consolidated unit net cash costs for the first quarter are estimated to be about 5% higher than earlier guidance, primarily due to the timing of gold shipments affecting by-product credits. Additionally, while the average realized price for copper is expected to be higher than the London Metal Exchange average, the overall impact of shipment delays and increased costs may affect financial performance.
linkMar 31, 2025 17:04:05
Freeport reported a net income of $274 million for the fourth quarter of 2024, translating to $0.19 per share. The company achieved copper and gold sales volumes that exceeded guidance, with consolidated production totaling 1.04 billion pounds of copper and 432 thousand ounces of gold. Operating cash flows were notable at $1.4 billion for the quarter, contributing to a solid financial position with $3.9 billion in cash and cash equivalents. The company also commenced operations at the Indonesia Precious Metals Refinery, signaling potential for future growth.
However, Freeport faced challenges as fourth-quarter copper sales were lower than the previous year's levels due to reduced ore grades and shipment timing. The average unit net cash costs for copper rose to $1.66 per pound, up from $1.52 per pound in the same quarter of 2023. Additionally, the company reported net charges of $176 million in the fourth quarter, which impacted adjusted net income. Capital expenditures remained high at $1.2 billion for the quarter, reflecting ongoing investments in major projects.
linkJan 23, 2025 08:08:48
Freeport's third-quarter results for 2024 show a strong performance with net income reaching $526 million, exceeding estimates for both copper and gold sales volumes. The company reported lower unit cash costs compared to previous estimates and the same quarter last year, contributing to solid operating cash flows of $1.9 billion. Additionally, Freeport is making strides in long-term growth initiatives, including advancements in leaching technologies and potential expansions in its North American operations. The positive market outlook further supports its strong financial profile.
However, Freeport also faced challenges, including a recent fire at its new smelter facilities in Indonesia, which may impact operations temporarily. The company incurred nonrecurring charges related to labor agreements, amounting to $34 million, indicating some operational disruptions. Despite these setbacks, Freeport remains focused on restoring smelter operations and believes in its ability to maintain productivity and cost control, while continuing to explore growth opportunities.
linkOct 22, 2024 08:15:46
Freeport's second-quarter 2024 report shows strong performance with net income of $616 million, despite shipping delays in Indonesia. The commissioning of a new smelter is underway, and the company expects robust sales for the year. However, there were nonrecurring charges impacting adjusted income. Operating cash flows reached $2 billion, and capital expenditures totaled $1.1 billion. The company remains optimistic about copper demand and its growth potential, positioning itself well for the future.
linkJul 23, 2024 08:16:11
Company reports positive financial results and market expansion. Revenue growth is highlighted, with new product lines contributing to increased profits. Market presence is expanding, with a focus on innovation and customer satisfaction. Overall, the company is optimistic about future prospects and growth.
linkJul 02, 2024 12:17:39
Freeport-McMoRan's Q1 2024 results show exceeding sales volumes, low costs, and nearing project completions. Net income of $473 million, strong cash flow, and positive market outlook. Transition in leadership planned. Financially stable with $5.2 billion cash and $9.4 billion debt. CEO transition planned for June 2024. Company positioned well for future growth in copper production.
linkApr 23, 2024 08:08:11
Kathleen Quirk appointed as the new CEO effective June 11, 2024, with Richard Adkerson continuing as Chairman. Quirk's 35-year track record and broad company knowledge are highlighted. Adkerson's 20-year tenure praised. The company reaffirms commitment to responsible production and global contribution. Quirk expresses excitement and commitment to enhancing stakeholder value, while Adkerson expresses confidence in Freeport's future under Quirk's leadership.
linkFeb 09, 2024 16:56:39
Freeport-McMoRan reported strong operating performance in Q4 2023, exceeding copper sales volumes and achieving a 90% completion milestone on Indonesia smelter projects. The company also highlighted solid financial position, favorable long-term fundamentals, and net income of $388 million for Q4 2023. Operating cash flows totaled $1.3 billion in Q4 2023, and consolidated debt stood at $9.4 billion at the end of 2023.
linkJan 24, 2024 08:10:55