Freeport-McMoRan (NYSE:FCX) reported better-than-expected first-quarter results, powered by strong copper sales and favorable pricing, which lifted shares nearly 7% today.
The mining giant posted net income of $352 million, or $0.24 per share, slightly ahead of analyst expectations of $0.23. Revenue came in at $5.73 billion, beating the $5.67 billion consensus estimate.
Copper sales reached 872 million pounds for the quarter, exceeding the company’s earlier forecast and helping offset a decline in gold volumes, which were impacted by shipment timing. The average realized price for copper stood at $4.44 per pound, while gold averaged $3,072 per ounce.
Freeport reaffirmed its full-year outlook, expecting to sell 4.0 billion pounds of copper and 1.6 million ounces of gold in 2025. Operating cash flow totaled $1.1 billion for the quarter, and the company maintained its full-year forecast of $7 billion, assuming current market conditions hold.