Freeport-McMoRan Copper & Gold (FCX.US) Q3 performance exceeds expectations, with sales volume affected by suspension of operations in Indonesia but effective cost control.

Freeport-McMoRan (FCX.US) released its third-quarter financial report before the market opened on Thursday, Eastern Time. The data showed revenue of $6.97 billion, a 2.7% year-on-year increase, exceeding expectations by $240 million. Non-GAAP earnings per share were $0.50, surpassing expectations of $0.09. The report disclosed operational and production sales impact factors. Due to a mudslide incident in Indonesia on September 8, 2025, local operations were temporarily halted, affecting the company's combined production. Combined copper sales and combined gold sales were both lower than the July 2025 performance guidance by about 1% and 4%, respectively. The combined copper unit net cash cost was $1.40 per pound, better than the July 2025 performance guidance. The company also revealed third-quarter combined production and sales data. In terms of production: copper was 9.12 billion pounds, gold was 287,000 ounces, and molybdenum was 22 million pounds; in terms of sales: copper was 9.77 billion pounds, gold was 336,000 ounces, and molybdenum was 19 million pounds; average realized prices were $4.68 per pound for copper, $3539 per ounce for gold, and $24.07 per pound for molybdenum. Additionally, the third-quarter copper unit net cash cost for 2025 was $1.40 per pound, with a projected full-year average of $1.68 per pound. Operating cash flow for the third quarter of 2025 totaled $1.7 billion, excluding $200 million for operating and other purposes. The company also revised its full-year 2025 expectations, lowering the estimated capital expenditure by approximately $400 million compared to the July 2025 performance guidance.