Freeport-McMoRan posts Q4 profit beat but revenue below estimates; shares down

Investing.com –Freeport-McMoran Copper & Gold Inc (NYSE:FCX)Inc on Thursday reported better-than-expected quarterly profit but revenue fell short of Wall Street estimates due to softer pricing. Shares of the miner were down about 1% in premarket trading.

Freeport-McMoRan posted adjusted earnings per share of $0.31 for the fourth quarter, beating analysts’ expectations by 6 cents. Though revenue came in at $5.72 billion compared to estimates of $6.01 billion.

“We enter 2025 with a clear focus on continued strong execution of our operating plans, enhancing productivity, managing costs and capital, and advancing opportunities for long-term profitable growth and value creation,” the company said in a statement.

Indonesia operations will have a mid-year start-up of a precious metal refinery smelter and the full ramp-up of the Greenfield smelter in eastern Java by year-end.

The company expects restoration, repair, and replacement costs for the Greenfield smelter to total approximately $100 million.

Additionally, its Indonesian unit, PT-FI, is set to resume copper concentrate exports in the first quarter of 2025, a critical step after recent export curbs impacted shipments.