Freeport-McMoRan Inc. (NYSE:FCX) shares are trading lower on Thursday after it reported first-quarter fiscal 2026 results.
Earnings Snapshot
Revenue came in at $6.23 billion, beating the consensus of $5.81 billion.
Adjusted EPS of 57 cents beat the consensus of 46 cents.
Net income attributable to common stock totaled $881 million, or 61 cents per share, in the quarter.
Production And Sales Volumes
- Copper production totaled 662 million pounds, with sales volume of 657 million.
- Gold production was 97,000 ounces, with sales volume of 121,000 ounces.
- Molybdenum production totaled 22 million pounds, while sales totaled 24 million pounds.
Other Key Metrics
During the first quarter, average realized prices stood at $5.78 per pound for copper, $4,889 per ounce for gold, and $25.21 per pound for molybdenum.
Unit net cash costs for copper averaged $1.91 per pound, down from $2.07 a year earlier.
Capital expenditures reached $1.0 billion in the quarter, including $600 million for major mining projects.
As of March 31, Freeport-McMoRan held $3.7 billion in cash and equivalents and total debt of $9.4 billion.
Outlook
For 2026, the company now expects sales of roughly …