Freeport-McMoRan reports Q3 adjusted EPS 39c, consensus 34c

Reports Q3 revenue $5.82B, consensus $5.41B. Consolidated production totaled 1.1B pounds of copper, 532,000 ounces of gold and 20M pounds of molybdenum in third-quarter 2023. Richard Adkerson, chairman and CEO, said, “Our performance during the third quarter reflects the commitment and resolve of our global team to execute our plans efficiently, achieve our targets and advance important initiatives for the future. We remain focused on improving productivity and cost performance, enhancing resilience in a complex global operating environment and building on our leaching innovation initiatives to deliver products essential to the global economy in a reliable, cost efficient and responsible manner. Despite near-term global economic and market uncertainties, our conviction on the favorable long-term fundamentals for copper underpins our strategy that is centered on being ‘Foremost in Copper.’ As a leading responsible supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned to build long-term value for the benefit of all stakeholders.”