Freeport-McMoRan posts 12.4% increase in net income in Q3 2023

The company reported consolidated copper production of 1.1 billion pounds…

gold mine 391420 19202

Freeport-McMoRan has reported an increase of almost 12.4% in net income attributable to common stockholders to $454m in Q3 2023 from $404m a year ago period.

The increase is attributed to higher sales volumes and copper production.

The company posted revenues of $5.82bn in the latest quarter ending 30 September 2023, an increase of 16.3% from $5bn in the same quarter of 2022.

Operating income also increased by 55% from $962m in Q3 2022 to $1.49bn for Q3 2023.

The miner’s adjusted net income attributable to common stock totalled $571m, or $0.39 per share, without including $117m of total net charges, mainly related to “revisions to environmental obligation estimates and asset impairment charges”.

Capital expenditures for Q3 2023 were $1.2bn while consolidated debt stood at $9.4bn at the end of September 2023.

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By GlobalData

Freeport-McMoRan chairman and CEO Richard Adkerson said: “We remain focused on improving productivity and cost performance, enhancing resilience in a complex global operating environment and building on our leaching innovation initiatives to deliver products essential to the global economy in a reliable, cost-efficient and responsible manner.

“Despite near-term global economic and market uncertainties, our conviction on the favourable long-term fundamentals for copper underpins our strategy that is centred on being ‘Foremost in Copper’.”

The company’s consolidated production for Q3 featured 1.1 billion pounds of copper, 532,000oz of gold and 20 million pounds of molybdenum.

Consolidated sales comprised 1.1 billion pounds of copper, 399,000oz of gold and 20 million pounds of molybdenum.

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