Freeport-McMoran beats Q3 estimates, revenue up 17% YoY

PHOENIX - Freeport-McMoran Inc. (NYSE:FCX) reported third-quarter earnings that surpassed analyst expectations, with revenue showing significant growth compared to the same period last year. The mining giant's shares rose 1.5% following the announcement.

For the third quarter of 2024, Freeport-McMoran posted adjusted earnings per share (EPS) of $0.38, exceeding the analyst estimate of $0.37 by $0.01. The company's revenue for the quarter came in at $6.79 billion, surpassing the consensus estimate of $6.44 billion and marking a 17% increase from the previous year.

The strong performance was driven by both earnings and revenue beats, reflecting the company's robust operational execution and favorable market conditions in the copper industry. Freeport-McMoran, known for its significant copper production, benefited from increased demand and pricing for the metal.

While the company did not provide specific guidance for the upcoming quarters in the press release, the market's positive reaction suggests investor confidence in Freeport-McMoran's future prospects.

Richard C. Adkerson, Chairman and CEO of Freeport-McMoran, stated, "Our third-quarter results demonstrate the strength of our global operations and our team's ability to execute in a dynamic market environment."

As one of the world's largest publicly traded copper producers, Freeport-McMoran's performance often serves as an indicator of broader trends in the global metals market, particularly for copper demand.

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Source: Investing.com