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Earnings Score 62 Bearish

Freeport-McMoRan Reports Q1 Profit Surge Amid Sharp Production Decline

Apr 23, 2026 12:36 UTC
FCX
Short term

Freeport-McMoRan posted a significant increase in quarterly earnings and revenue, yet shares tumbled in pre-market trading. The financial growth was overshadowed by a substantial drop in both copper and gold output.

  • Quarterly earnings jumped to $0.61 per share from $0.24
  • Revenue grew to $6.234 billion
  • Copper output dropped by over 200 million pounds YoY
  • Gold production saw a significant decline to 97 million pounds
  • Pre-market share price dropped 7.89%

Freeport-McMoRan Inc. (FCX) reported a strong first quarter financially, with net income climbing to $881 million, or $0.61 per share, compared to $352 million, or $0.24 per share, in the same period last year. Revenue also saw an uptick, reaching $6.234 billion from $5.728 billion year-over-year. Despite these top and bottom-line gains, the company faced operational headwinds that have spooked investors. Production figures revealed a stark decline in output for the company's primary commodities. Copper production fell to 662 million pounds from 868 million pounds a year ago, while gold production saw an even steeper drop, falling to 97 million pounds from 287 million pounds. The market reacted negatively to the production shortfall, with FCX shares sliding 7.89% to $64.75 in pre-market activity on the New York Stock Exchange. The decline suggests that investors are prioritizing long-term output capacity over short-term financial beats. To maintain shareholder returns, the company declared a quarterly dividend of $0.15 per share. The dividend is scheduled to be paid on May 1 to shareholders of record as of April 15.

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