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Freeport-McMoRan Inc. FCX recorded net income (attributable to common stock) of $352 million or 24 cents per share for first-quarter 2025, down around 25.6% from $473 million or 32 cents in the year-ago quarter. Earnings per share were in line with the Zacks Consensus Estimate.
Revenues declined roughly 9.4% year over year to $5,728 million. The figure surpassed the Zacks Consensus Estimate of $5,307.6 million.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote
FCX’s Operational Highlights
Copper production declined around 20% year over year to 868 million pounds in the reported quarter. The figure missed our estimate of 872 million pounds.
Consolidated sales declined around 21.2% year over year to 872 million pounds of copper. The figure topped our estimate of 850 million pounds.
The company sold 128,000 ounces of gold, down around 77.5% year over year. FCX also sold 20 million pounds of molybdenum, stable year over year, in the reported quarter.
Consolidated average unit net cash costs per pound of copper were $2.07, up from $1.51 a year ago. The figure beat our estimate of $2.05.
The average realized price for copper was $4.44 per pound, up around 12.7% year over year. The figure outpaced our estimate of $4.40. The average realized price per ounce for gold rose around 43.2% year over year to $3,072. The figure was above our estimate of $2,700.
FCX’s Financial Position
Cash and cash equivalents at the end of the quarter were $4,385 million, down around 15.8% year over year. The company’s total debt was $9,404 million, declining about 0.2% year over year.
Cash flows provided by operations were around $1.1 billion for the reported quarter, down 42.1% year over year.
FCX’s Guidance
FCX expects its total operating cash flow for 2025 to be around $7 billion. This includes approximately $0.2 billion from working capital and other sources.
Capital spending for 2025 is projected to be around $5 billion. This includes about $2.8 billion allocated to major mining projects and $0.6 billion for PTFI’s new downstream processing facilities, excluding capitalized interest, owner’s costs, or commissioning expenses.
Freeport expects consolidated sales of around 4 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for 2025. These include 1 billion pounds of copper, 500,000 ounces of gold and 22 million pounds of molybdenum for second-quarter 2025.
FCX’s Price Performance
Freeport’s shares have declined 28.8% in the past year compared with a 26.9% decline of the industry.