Freeport-McMoRan Reports Fourth-Quarter Profit

(Reuters) – Copper miner Freeport-McMoRan (NYSE:FCX) posted a better-than-expected fourth-quarter profit on Thursday, as higher prices for copper offset a decline in production in its Indonesian operations.

Based in Phoenix, Freeport increased its budget for the year by approximately 5% to $4.4 billion, with expectations for further increases next year, surprising investors. However, shares were down about 6% in morning trading due to lower copper prices impacting the stock.

Copper prices experienced a climb in the fourth quarter, supported by signs of increased stimulus in China, declining inventories, and accelerated U.S. job growth in September.

Freeport’s quarterly average realized price for copper rose to $4.15 per pound, up from $3.81 per pound a year ago. However, quarterly copper production dropped about 5% to 1.04 billion recoverable pounds year-over-year, negatively affecting overall revenue.

The company anticipates sales of 4 billion pounds of copper for the current year, slightly lower than in 2024. On an adjusted basis, Freeport earned 31 cents per share in the quarter, surpassing analysts’ average estimate of 20 cents per share, according to LSEG data.

The company reported revenue of $5.72 billion for the quarter ended Dec. 31, falling short of analysts’ average estimate of $5.88 billion, according to LSEG data.