The company said net income attributable to common stockholders totaled $473 million in Q1 2024, down from $663 million in Q1 2023. It cited higher income attributable to noncontrolling interests at its Indonesia operations as the reason for the decrease.

1. 01

   The company said net income attributable to common stockholders totaled $473 million in Q1 2024, down from $663 million in Q1 2023. It cited higher income attributable to noncontrolling interests at its Indonesia operations as the reason for the decrease.

2. 02

   FCX said consolidated revenues totaled $6.3 billion in Q1 2024, compared with $5.4 billion in Q1 2023. It said average realized prices were lower for copper by 4%, higher for gold by 10% and lower for molybdenum by 33%. The company attributed higher copper and gold sales volumes to higher mining and milling rates and ore grades at PT-FI.

3. 03

   The company estimates consolidated operating cash flows for 2024 at approximately $7.4 billion, net of $0.2 billion in working capital and other uses. The estimate assumes an extension of PT-FI's export licenses beyond May and an average copper price of $4.25 per pound, the company said. It expects capital expenditures of approximately $4.6 billion.

4. 04

   The company said PT-FI's export licenses for copper concentrates and anode slimes run through May 2024. It is working with the Indonesia government to obtain approvals to extend exports beyond that date, but said it cannot predict whether approval will be obtained in a timely manner, or at all. The company also said the Indonesia smelter projects are advancing on schedule, with a target of substantial construction completion in May 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$6.2B

Operating income

$1.6B

Net income

$1.2B

EPS

$0.32

Operating cash flow

$1.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.