Freeport-McMoRan Inc (NYSE:FCX) announced that its first-quarter 2023 revenue fell 18.3% year over year to $5.39 billion, which the company attributed in part to a February weather event that dented production and sales.
The results, though, surpassed consensus estimates by $140 million.
Meanwhile, the international miner recorded 1Q adjusted net income attributable to shareholders of $0.52 per share, beating expectations by $0.07, according to Refinitiv data.
Freeport produced a total of 965 million pounds of copper, 405,000 ounces of gold and 21 million pounds of molybdenum during the period while stating that its consolidated unit net cash costs were in line with the January 2023 estimate.
As well, the company noted it sold 832 million pounds of copper, 270,000 ounces of gold and 19 million pounds of molybdenum in the first quarter at average realized prices of $4.11 per pound for copper, $1,949 per ounce for gold and $30.32 per pound for molybdenum.
Freeport said its strong balance sheet and positive outlook for cash flow generation are expected to support continued organic growth and cash returns to shareholders.
Copper miner Freeport-McMoRan has operations in the Americas and Indonesia.
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