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FCX's Q2 Earnings Surpass Estimates on Higher Copper Prices
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Key Takeaways
FCX posted Q2 net income of $772M and adjusted EPS of 54 cents, topping the consensus estimate.
Revenue rose 14.5% year over year to $7.58B, aided by stronger copper and gold prices.
Copper production fell 7.1%, but sales rose 9.1% on shipment timing, while gold sales jumped 44.6%.
Freeport-McMoRan Inc. (FCX - Free Report) recorded net income of $772 million or 53 cents per share for second-quarter 2025, up around 25.3% from $616 million or 42 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 54 cents, topping the Zacks Consensus Estimate of 46 cents.
Revenues rose roughly 14.5% year over year to $7,582 million. The figure surpassed the Zacks Consensus Estimate of $7,121.4 million. The company witnessed higher copper and gold prices in the reported quarter.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Copper production fell around 7.1% year over year to 963 million pounds in the reported quarter. The figure missed our estimate of 1,035 million pounds.
Consolidated sales increased approximately 9.1% year over year, reaching 1,016 million pounds of copper. The upside is primarily driven by shipment timing. The company sold 522,000 ounces of gold, up around 44.6% year over year. FCX also sold 22 million pounds of molybdenum, up about 4.8%.
Consolidated average unit net cash costs per pound of copper were $1.13, down from $1.73 a year ago. The figure lagged our estimate of $1.50.
The average realized copper price was $4.54 per pound, up around 1.3% year over year. The figure beat our estimate of $4.20 per pound. The average realized price per ounce for gold rose around 43.1% year over year to $3,291. The figure topped our estimate of $3,024.
Freeport's Financial Position
Cash and cash equivalents at the end of the quarter were $4,490 million, down around 14.8% year over year. The company’s total debt was $9,251 million, down 1.8%.
Cash flows provided by operations were around $2,195 million in the reported quarter, up 12.2% year over year.
FCX's Guidance
For full-year 2025, consolidated sales volumes are projected to be around 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum. This includes an estimated 1 billion pounds of copper, 350,000 ounces of gold and 18 million pounds of molybdenum expected to be sold in the third quarter.
Freeport's Price Performance
Freeport’s shares are up 3.6% in the past year against an 6.8% decline in the industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Royal Gold, Inc. (RGLD - Free Report) , Kinross Gold Corporation (KGC - Free Report) and Agnico Eagle Mines (AEM - Free Report) .
Royal Gold is slated to report second-quarter results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at $1.70. RGLD beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 9%. RGLD carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinross is scheduled to report second-quarter results on July 30. The Zacks Consensus Estimate for KGC’s second-quarter earnings is pegged at 27 cents. KGC beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 16.1%. KGC currently carries a Zacks Rank #1.
Agnico Eagle is slated to report second-quarter results on July 30. The consensus estimate for AEM’s earnings is pegged at $1.66. AEM, carrying a Zacks Rank #1, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.3%.
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FCX's Q2 Earnings Surpass Estimates on Higher Copper Prices
Key Takeaways
Freeport-McMoRan Inc. (FCX - Free Report) recorded net income of $772 million or 53 cents per share for second-quarter 2025, up around 25.3% from $616 million or 42 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 54 cents, topping the Zacks Consensus Estimate of 46 cents.
Revenues rose roughly 14.5% year over year to $7,582 million. The figure surpassed the Zacks Consensus Estimate of $7,121.4 million. The company witnessed higher copper and gold prices in the reported quarter.
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 fell around 7.1% year over year to 963 million pounds in the reported quarter. The figure missed our estimate of 1,035 million pounds.
Consolidated sales increased approximately 9.1% year over year, reaching 1,016 million pounds of copper. The upside is primarily driven by shipment timing. The company sold 522,000 ounces of gold, up around 44.6% year over year. FCX also sold 22 million pounds of molybdenum, up about 4.8%.
Consolidated average unit net cash costs per pound of copper were $1.13, down from $1.73 a year ago. The figure lagged our estimate of $1.50.
The average realized copper price was $4.54 per pound, up around 1.3% year over year. The figure beat our estimate of $4.20 per pound. The average realized price per ounce for gold rose around 43.1% year over year to $3,291. The figure topped our estimate of $3,024.
Freeport's Financial Position
Cash and cash equivalents at the end of the quarter were $4,490 million, down around 14.8% year over year. The company’s total debt was $9,251 million, down 1.8%.
Cash flows provided by operations were around $2,195 million in the reported quarter, up 12.2% year over year.
FCX's Guidance
For full-year 2025, consolidated sales volumes are projected to be around 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum. This includes an estimated 1 billion pounds of copper, 350,000 ounces of gold and 18 million pounds of molybdenum expected to be sold in the third quarter.
Freeport's Price Performance
Freeport’s shares are up 3.6% in the past year against an 6.8% decline in the industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Royal Gold, Inc. (RGLD - Free Report) , Kinross Gold Corporation (KGC - Free Report) and Agnico Eagle Mines (AEM - Free Report) .
Royal Gold is slated to report second-quarter results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at $1.70. RGLD beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 9%. RGLD carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinross is scheduled to report second-quarter results on July 30. The Zacks Consensus Estimate for KGC’s second-quarter earnings is pegged at 27 cents. KGC beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 16.1%. KGC currently carries a Zacks Rank #1.
Agnico Eagle is slated to report second-quarter results on July 30. The consensus estimate for AEM’s earnings is pegged at $1.66. AEM, carrying a Zacks Rank #1, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.3%.