The earnings call highlighted strong financial performance and strategic initiatives, particularly in copper production and resource management. However, challenges such as the smelter fire incident in Indonesia and high costs in North America present operational hurdles.

Company Guidance

In the third quarter of 2024, Freeport-McMoRan reported solid financial and operational performance, generating $2.7 billion in EBITDA and $1.9 billion in operating cash flows. The company's copper and gold sales volumes exceeded their guidance, supported by favorable unit cash cost performance. Operating costs for copper production were detailed, with North American costs averaging above $3 per pound and South America around $2.50 per pound, highlighting ongoing efficiency and cost management initiatives. The leach initiative showed promising results, with incremental copper production nearly 70% higher than the previous year. Freeport also increased its ownership in the Cerro Verde operation to 55% by purchasing 5.3 million shares for $210 million. They reported ongoing challenges, such as a smelter fire in Indonesia, but remained optimistic about government support for continued concentrate exports. Copper prices on the LME ranged from $3.91 to $4.47 per pound, with an average settlement price of $4.18 per pound for the quarter. Looking ahead, Freeport maintained a sales guidance for copper, gold, and molybdenum similar to previous outlooks, with unit net cash costs expected to average $1.58 per pound in 2024.

Strong EBITDA and Cash Flow

Generated $2.7 billion in EBITDA and $1.9 billion in operating cash flows for the quarter.

Exceeded Sales Guidance

Sales volumes exceeded guidance for both copper and gold with favorable unit cash cost performance.

Significant Increase in Copper Production

Incremental copper production from the Reach initiative was nearly 70% higher than the comparable period last year.

Cerro Verde Stake Increase

Purchased 5.3 million shares of Cerro Verde, increasing ownership from 53.6% to 55%.

Leach Initiative Success

Achieved initial targeted run rate of 200 million pounds per annum of copper; initiatives underway to scale to 300-400 million pounds per annum.

Strong Financial Position

Ended the quarter in a strong financial position with a solid balance sheet and investment-grade ratings.

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Freeport-McMoRan (FCX) Earnings, Revenues Date & History

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FCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 22, 2025	2024 (Q4)	0.34 / -	0.27	―	―	―
Oct 22, 2024	2024 (Q3)	0.36 / 0.38	0.39	-2.56% (-0.01)
Jul 23, 2024	2024 (Q2)	0.40 / 0.46	0.35	31.43% (+0.11)
Apr 23, 2024	2024 (Q1)	0.27 / 0.32	0.52	-38.46% (-0.20)
Jan 24, 2024	2023 (Q4)	0.23 / 0.27	0.52	-48.08% (-0.25)
Oct 19, 2023	2023 (Q3)	0.34 / 0.39	0.26	50.00% (+0.13)
Jul 20, 2023	2023 (Q2)	0.36 / 0.35	0.58	-39.66% (-0.23)
Apr 21, 2023	2023 (Q1)	0.45 / 0.52	1.07	-51.40% (-0.55)
Jan 25, 2023	2022 (Q4)	0.47 / 0.52	0.96	-45.83% (-0.44)
Oct 20, 2022	2022 (Q3)	0.24 / 0.26	0.89	-70.79% (-0.63)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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FCX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 22, 2024	$47.94	$48.53	+1.23%
Jul 23, 2024	$45.87	$45.13	-1.61%
Apr 23, 2024	$48.66	$47.70	-1.97%
Jan 24, 2024	$37.83	$39.36	+4.04%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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