Freeport-McMoRan Inc (NYSE: FCX) reported $5.74 billion in second-quarter (Q2) revenue for 2023, beating the consensus of $5.54 billion.
Copper sales of 1.03 billion pounds were down 5% Y/Y due to shipping delays in Indonesia.
Gold sales of 495 thousand ounces were up 4% Y/Y. Molybdenum sales of 20 million pounds approximated the April 2023 estimate and Q2 2022 sales.
Adjusted EPS was $0.35, beating the consensus of $0.34.
Operating cash flow totaled $1.7 billion, compared to $1.6 billion in Q2 2022.
As of June 30, total debt was $9.5 billion; Cash and equivalents totaled $6.7 billion.
FCX sees consolidated sales volumes to approximate 1 billion pounds of copper and 420 thousand ounces of gold.
FCX now expects consolidated sales volumes of approximately 4 billion pounds of copper (vs. 4.1 million earlier), 1.75 million ounces of gold (vs. 1.8 million earlier), and 79 million pounds of molybdenum.
The company expects operating cash flows of ~$7 billion in FY23 and capital expenditures to be ~$5.1 billion.
FCX shares are trading lower by 4.26% at $39.60 on the last check Friday.
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
