Freeport-McMoRan shares slip despite second quarter earnings beat as copper outlook softens

Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) reported stronger-than-expected second quarter 2026 results on Thursday, with earnings and revenue topping Wall Street expectations, although shares edged about 2% lower as investors weighed a slightly reduced near-term copper sales outlook. The company reported adjusted earnings per share of $0.74, ahead of analyst estimates of $0.62, while revenue came in at $7.03 billion, exceeding consensus expectations of $6.71 billion. The company produced 786 million pounds of copper, 192,000 ounces of gold and 23 million pounds of molybdenum during the quarter. Consolidated sales totaled 710 million pounds of copper, 123,000 ounces of gold and 25 million pounds of molybdenum. Freeport highlighted strong operational performance during the quarter, noting that consolidated copper sales exceeded its April 2026 estimates and average unit net cash costs were better than expected. Average realized prices during the period were $6.17 per pound for copper, $4,520 per ounce for gold and $28.75 per pound for molybdenum. Freeport maintained its full-year 2026 copper sales forecast at approximately 3.1 billion pounds, but lowered its third-quarter copper sales outlook to 750 million pounds. The company expects third-quarter sales of 160,000 ounces of gold and 22 million pounds of molybdenum. “We achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products,” Freeport CEO Kathleen Quirk said. “We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvement...