Freeport-McMoRan Inc (FCX, Financial), a leading international mining company, released its Q3 2023 earnings report on October 19, 2023. The company reported a net income attributable to common stock of $454 million, or $0.31 per share. After excluding net charges totaling $117 million, the adjusted net income attributable to common stock totaled $571 million, or $0.39 per share.
Financial Performance
Freeport-McMoRan Inc (FCX, Financial) reported solid operating performance in Q3 2023, with copper sales volumes exceeding the July 2023 guidance. The company's consolidated production for the quarter totaled 1.1 billion pounds of copper, 532 thousand ounces of gold, and 20 million pounds of molybdenum. The average realized prices in Q3 2023 were $3.80 per pound for copper, $1,898 per ounce for gold, and $23.71 per pound for molybdenum.
Financial Position
Freeport-McMoRan Inc (FCX, Financial) maintained a strong balance sheet and financial flexibility in Q3 2023. The company's operating cash flows totaled $1.2 billion, while capital expenditures totaled $1.2 billion. As of September 30, 2023, the company's consolidated debt totaled $9.4 billion, and consolidated cash and cash equivalents totaled $5.7 billion.
Outlook
Looking ahead, Freeport-McMoRan Inc (FCX, Financial) expects consolidated sales for the year 2023 to approximate 4.06 billion pounds of copper, 1.74 million ounces of gold, and 80 million pounds of molybdenum. The company's average unit net cash costs for the year 2023 are expected to average $1.63 per pound of copper.
Commentary
Richard C. Adkerson, Chairman and Chief Executive Officer, commented on the company's performance, stating,
Our performance during the third quarter reflects the commitment and resolve of our global team to execute our plans efficiently, achieve our targets and advance important initiatives for the future. 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."
Financial Tables
The company's revenues for Q3 2023 were $5,824 million, compared to $5,003 million in Q3 2022. The operating income for Q3 2023 was $1,492 million, compared to $962 million in Q3 2022. The net income attributable to common stock for Q3 2023 was $454 million, compared to $404 million in Q3 2022.
The company's consolidated sales volumes for the year 2023 are expected to approximate 4.06 billion pounds of copper, 1.74 million ounces of gold, and 80 million pounds of molybdenum, including 1.1 billion pounds of copper, 580 thousand ounces of gold, and 20 million pounds of molybdenum in Q4 2023.
Freeport-McMoRan Inc (FCX, Financial) continues to focus on improving productivity and cost performance, enhancing resilience in a complex global operating environment, and building on its leaching innovation initiatives to deliver products essential to the global economy in a reliable, cost-efficient, and responsible manner.
