FCX's Q3 Earnings & Sales Beat Estimates on Higher Copper Prices

Core Insights - Freeport-McMoRan Inc. (FCX) reported a net income of $674 million or 46 cents per share for Q3 2025, reflecting a 28.1% increase from $526 million or 36 cents in the same quarter last year [1][9] - Adjusted earnings per share were 50 cents, exceeding the Zacks Consensus Estimate of 41 cents [1] Revenue Performance - Revenues increased approximately 2.7% year over year to $6,972 million, surpassing the Zacks Consensus Estimate of $6,544.9 million [2] - Despite a decline in volumes, the company benefited from a significant rise in copper and gold prices during the quarter [2] Operational Highlights - Copper production decreased around 13.2% year over year to 912 million pounds [3] - Consolidated sales fell approximately 5.6% year over year, totaling 977 million pounds of copper, primarily due to a temporary suspension of operations at the Grasberg Block Cave mine in Indonesia [4] - Gold sales dropped around 40% year over year, with 336,000 ounces sold, while molybdenum sales remained flat at 19 million pounds [4] Cost and Pricing - Consolidated average unit net cash costs per pound of copper were $1.40, slightly up from $1.39 a year ago, and lower than the estimate of $1.59 [5] - The average realized copper price rose 8.8% year over year to $4.68 per pound, exceeding the estimate of $4.40 [5] - The average realized price for gold increased approximately 37.8% year over year to $3,539 per ounce, surpassing the estimate of $3,300 [5] Financial Position - Cash and cash equivalents at the end of the quarter were $4,318 million, down around 13.6% year over year [6] - Total debt decreased to $9,298 million, down 3.9% year over year [6] - Cash flows from operations were approximately $1,664 million, down 11.1% year over year [6] Guidance - For the full year 2025, consolidated sales volumes are projected to be around 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum, including estimates for Q4 [7] Stock Performance - Freeport's shares have declined 11.6% over the past year, contrasting with a 0.3% rise in the industry [8]