Freeport-McMoRan Beats Q3 Estimates: Gold Sales Soar, Copper Production Stabilizes

Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher after the company reported third-quarter FY24 results.

Revenue stood at $6.79 billion, beating the consensus of $6.47 billion.

Copper sales totaled 1.0 billion pounds, down 7% Y/Y and 2% above the July 2024 estimate, due to the timing of shipments and lower ore grades and operating rates in North America.

Copper’s average realized price per pound was $4.30, and production totaled 1.051 billion pounds.

Gold sales stood at 558 thousand ounces, up 40% Y/Y and 17% higher than the July 2024 estimate on the timing of shipments. The average realized price per ounce stood at $2,568 and in the quarter. 

Operating income stood at $1.938 billion vs $1.492 billion a year ago. Adjusted ...