Freeport-McMoRan Surpasses Q3 Profit Estimates with EPS $0.38, Revenue $6.79B on Higher Copper Prices

Oct 22, 2024, 12:29 PM

Freeport-McMoRan reported its third-quarter 2024 earnings, surpassing profit estimates due to higher copper prices. The company achieved an adjusted EPS of $0.38, matching projections, and reported revenue of $6.79 billion, up from $6.46 billion in the previous year. Net income attributable to common stock was $526 million, or $0.36 per share, while adjusted net income was $556 million, or $0.38 per share. Adjusted EBITDA for the quarter was $2.692 billion, up 22.5% year-over-year, and adjusted net leverage was 0.5x. Despite a 4.5% year-over-year decline in copper production to 1.05 billion pounds, Freeport-McMoRan's stock has seen a 41.4% increase over the last year. Analysts have given the company an outperform rating.