Freeport-McMoRan (NYSE:FCX) delivered second-quarter earnings and revenue results that outpaced Wall Street forecasts, driven by increased copper production and sales. Despite this, the company’s shares slipped 1% in premarket trading.
The U.S.-based mining giant reported adjusted earnings of $0.54 per share, exceeding the average analyst estimate of $0.45. Revenue climbed to $7.58 billion from $5.74 billion in the same period last year, surpassing the consensus projection of $7.19 billion.
Net income attributable to common shareholders stood at $772 million, or $0.53 per share. After excluding net charges totaling $18 million, adjusted net income reached $790 million, or $0.54 per share.
“We are challenging ourselves to improve efficiencies and leverage new technologies to drive better performance and grow production more quickly with lower capital intensity,” said CEO Kathleen Quirk.
The company’s statement highlighted ongoing efforts to enhance operational efficiency and adopt advanced technologies across its copper, gold, and molybdenum mining activities.
Freeport also pointed to its solid financial position and a robust pipeline of organic growth projects both domestically and internationally.
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