Summary
Freeport-McMoRan Inc. (FCX) reported strong financial results for the second quarter and first half of 2024, driven by higher average realized prices for copper and gold. Revenues increased to $6.62 billion for the quarter and $12.95 billion for the first six months, up from $5.74 billion and $11.13 billion respectively in the prior year periods. Net income attributable to common stockholders also saw a significant rise, reaching $616 million in the second quarter and $1.09 billion for the first six months of 2024, compared to $343 million and $1.01 billion in the respective prior-year periods. The company is progressing with its strategic initiatives, including the commissioning of its new copper smelter and precious metals refinery (PMR) in Indonesia, which is expected to be fully operational by year-end 2024. This integration will make PT Freeport Indonesia (PT-FI) a fully integrated producer of refined copper and gold. Despite some temporary shipping delays in Indonesia due to export license renewals, which have since been resolved, the company maintained a strong operational performance.
Financial Highlights
50 data points| Revenue | $6.62B |
| Cost of Revenue | $4.38B |
| Gross Profit | $2.24B |
| SG&A Expenses | $123.00M |
| Operating Expenses | $4.58B |
| Operating Income | $2.05B |
| Net Income | $616.00M |
| EPS (Basic) | $0.42 |
| EPS (Diluted) | $0.42 |
| Shares Outstanding (Basic) | 1.44B |
| Shares Outstanding (Diluted) | 1.45B |
Key Highlights
- 1Revenue for the second quarter of 2024 increased to $6.62 billion, up from $5.74 billion in the prior year, driven by higher commodity prices.
- 2Net income attributable to common stockholders for the second quarter was $616 million, a significant increase from $343 million in the same period last year.
- 3PT-FI's new copper smelter and PMR are nearing completion, with full ramp-up expected by year-end 2024, positioning the company as a fully integrated producer.
- 4Consolidated operating cash flows for the first six months of 2024 were $3.85 billion, up from $2.72 billion in the first six months of 2023.
- 5The company's balance sheet remains solid with $5.27 billion in cash and cash equivalents and $9.43 billion in total debt at the end of the second quarter.
- 6FCX is actively managing its capital, with $1.9 billion spent on share repurchases under its $5.0 billion program and declared dividends totaling $0.15 per share in the second quarter.