Freeport Beats Q3 Estimates as Chairman Warns Copper Supplies Are 'Challenged'
FCX sits 71% above its 52-week low of $38.54.
Summary
Freeport beat Q3 estimates with adjusted EPS of 88 cents versus 79 cents consensus and revenue of $7.546 billion versus $7.424 billion expected, and shares were up 1.68% at $66.25. Chairman Richard Adkerson used the call to argue the world needs far more copper while supplies are constrained, framing multi-year demand growth as the company's opportunity. The guidance was mixed: management trimmed 2026 copper sales by about 2% and 2027 by 2.5% on weaker U.S. and Chile output, and raised 2027 capex by $400 million to $5.2 billion. Offsetting that, Q4 copper sales are guided up 17% sequentially with gold sales nearly tripling, and the Grasberg ramp-up is on plan with production growth expected in 2027 and 2028. Full-year operating cash flow is guided to about $8.5 billion at $6.50 copper.
At the time of this announcement, FCX was trading at $65.90 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $94.6B. The 52-week trading range was $38.54 to $80.24. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.